Bitcoin Climbs Above $86,000 as ETF Inflows Meet Falling Oil
Bitcoin reached $87,243.36 during the Sept. 23 session, while U.S. spot Bitcoin ETFs recorded $1.36 billion in combined inflows over the previous two days.
Bitcoin (BTC) climbed above $86,000 during the Sept. 23 session as heavy spot exchange-traded fund buying coincided with falling crude prices and a broader crypto-market recovery.
Bitcoin reached $87,243.36 before closing at $85,928.46 for the Sept. 23 UTC trading date. The move extended a sharp rebound from its Sept. 17 close of $76,403.77, with BTC up about 12% through the latest close.
U.S. spot Bitcoin ETFs recorded $999 million in net inflows on Sept. 21 and another $364.4 million on Sept. 22. Brent crude fell to $98.16 a barrel, while West Texas Intermediate dropped to $89.01 as of 12:21 a.m. ET (04:21 UTC) Wednesday.
The crypto market’s advance has coincided with renewed ETF demand and lower oil prices as supply expectations improve and hopes for U.S.-Iran diplomacy emerge.
CME Group plans to launch Bitcoin Cash (BCH) and Uniswap (UNI) futures on Oct. 19, pending regulatory review. The contracts are planned in standard and Micro sizes, adding to the regulated derivatives available to market participants.