Bitcoin holdings netflow activity rose sharply on September 23 despite the cryptocurrency retreating from the $87,000 area. BlackRock’s IBIT recorded $527 million, Fidelity’s FBTC posted $390 million and Morgan Stanley’s MSBT recorded $130 million, bringing the three funds’ positive readings to $1.047 billion. BlackRock and Fidelity accounted for most of the increase, with their combined reading rising 55% to $917 million from $592 million on September 21. The September 23 figure was the highest positive daily level visible on the chart covering late June through September 23. The divergence shows ETF-linked holdings activity remained elevated while short-term Bitcoin price momentum weakened, although it does not establish that the activity will reverse the pullback.