Summary
- Bitcoin rose above $85,000 to its highest level in about eight months.
- The average purchase price for U.S. spot Bitcoin ETF investors was $85,638, while the average cost basis for corporate Bitcoin holdings was $80,500.
- U.S. spot Bitcoin ETFs recorded $435 million in net inflows, the largest daily total since Sept. 3.
Forecast Trend Report by Period
Bitcoin rose above $85,000, reaching its highest level in about eight months. The move also brought the token close to the average entry price for investors in U.S. spot Bitcoin exchange-traded funds.
Cointelegraph reported on Sept. 21 that Bitcoin climbed as high as $85,248 during the session. That was its highest level since Jan. 29. It also ended the previous week at $81,120, its highest weekly close since early May.
The rally also drove a sharp increase in short liquidations. Across the broader crypto market, total liquidations exceeded $600 million over the past 24 hours, according to CoinGlass.
Bitcoin is also nearing the average purchase price for investors in U.S. spot ETFs. Glassnode data showed the average cost basis for spot Bitcoin ETF investors is about $85,638. The average purchase price for Bitcoin held by corporations is about $80,500, leaving those holdings above breakeven at current prices.
Inflows into spot ETFs have also resumed. U.S. spot Bitcoin ETFs recorded $435 million in net inflows on Sept. 18, the largest daily inflow since Sept. 3.
On the macro front, lower oil prices and steady U.S. Treasury yields are supporting sentiment toward risk assets. West Texas Intermediate crude traded above $100 a barrel last week, but fell below $94 on Sept. 21. Pressure from rising oil prices eased on expectations that diplomatic talks between the U.S. and Iran could resume.
