Bitcoin recovers above $84,000 as ETF inflows slow 80%

  • Bitcoin recovered above $84,000 after reaching nearly $85,000 over the weekend.
  • $64.8 million entered U.S. spot crypto ETFs Monday, down 80% from Friday.
  • Bitcoin ETFs extended inflows to eight sessions, while Zcash ETFs recorded $8.1 million outflows.

Bitcoin climbed back above $84,000 in early Tuesday trading after reaching nearly $85,000 over the weekend before retreating. The leading cryptocurrency rose 1.36% to $84,000 at 6:40 a.m. Eastern Time, according to Investing.com, while Ethereum also advanced as major digital tokens posted a moderate recovery. U.S. spot cryptocurrency ETFs attracted a combined $64.8 million on Monday, an approximately 80% decline from Friday's $330.8 million. Bitcoin products led with $31.07 million, followed by Ethereum with $17.1 million, Solana with $12.7 million and XRP with $3.96 million. Bitcoin ETFs extended their net-inflow streak to eight trading days, bringing approximately $3 billion over that period, while Ethereum and Solana funds reached seven consecutive positive sessions and XRP funds reached five. Zcash ETFs were an exception, posting $8.1 million in redemptions after receiving about $35 million the previous week. Bitcoin futures open interest (the value of active derivative contracts) fell to 628,000 BTC, its lowest level of 2024, from 763,000 BTC in early August when Bitcoin traded near $63,000. Higher Treasury yields, expectations of further Federal Reserve tightening and worsening U.S.-Iran diplomatic tensions continued to weigh on risk sentiment. Citigroup's expansion of blockchain-based asset services into Japan and the United Arab Emirates provided a counterpoint, with some analysts viewing it as evidence of deeper institutional adoption. Market participants are entering the fourth quarter, traditionally Bitcoin's strongest performance period, with less leverage and subdued retail participation.

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Bitcoin recovers above $84,000 as ETF inflows slow 80% - CoinPost Terminal