Bitcoin Gains 6.2% in September as ETF Inflows Reach $2.6 Billion

Bitcoin (BTC) gained 6.2% in September, extending its streak of positive September performances despite a Federal Reserve rate hike, the 30-year Treasury yield above 5.6% and oil prices above $100.

The move also came as the Federal Open Market Committee raised interest rates by 25 basis points on Sept. 16, the first increase since July 2023. Bitcoin reached an eight-month high near $87,000 during the month.

U.S. spot Bitcoin ETFs recorded roughly $2.6 billion in net inflows in September, down from $3.5 billion in August. Daily inflows reached $999 million on Sept. 21 and $714.7 million on Sept. 22.

The ETF activity coincided with Bitcoin’s advance and suggested stronger spot demand than derivatives leverage, although the figures do not establish that ETF buying caused the entire price gain.

Bitcoin’s September performance contrasted with its longer-term seasonal record. The cryptocurrency’s average September return since 2013 was a 2.4% loss, including six consecutive declines from 2017 through 2022.

Market leverage also eased after three liquidation events topped $500 million. Funding rates normalized within two days and briefly fell below zero during pullbacks.

For the fourth quarter, the first identified support level is $81,000. The 30-year Treasury yield and the durability of ETF demand remain key tests for Bitcoin as markets assess whether September’s buying interest can continue.

The September move followed a difficult macro backdrop that included elevated Treasury yields, higher oil prices and a setback for the CLARITY Act. Bitcoin’s next major market test is whether ETF demand remains durable alongside those pressures.