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Points of Focus
- Bitcoin trades at $86,580.82, up about 14% since the Sept. 16 Fed decision.
- US spot Bitcoin ETFs drew $1.96 billion in four sessions after $746.3 million exited on Sept. 15-16.
- Glassnode flags stronger spot demand alongside rising leverage and profit-taking near $86,000.
Bitcoin (BTC) held above $86,000 at $86,580.82 on Wednesday, extending its rebound from roughly $75,600 after the US Federal Reserve’s Sept. 16 rate decision.
Exchange-traded fund (ETF) demand has reversed alongside the price. US spot Bitcoin funds have drawn $1.96 billion across four straight trading sessions after $746.3 million left the products on Sept. 15 and 16.
Bitcoin ETF inflows reverse pre-Fed selling
Farside data shows net inflows of $159.5 million on Sept. 17, $433 million on Sept. 18, $999 million on Sept. 21, and $364.4 million on Sept. 22. The four sessions total $1.9559 billion. The Sept. 21 inflow was the largest single-day intake since Oct. 6, 2025, with BlackRock’s IBIT adding $381.4 million, ARKB $289.1 million, and Fidelity’s FBTC $238.8 million.
The inflows were spread across issuers rather than concentrated in one fund. Still, the four-day total was heavily weighted toward Sept. 21, which supplied just over half of the $1.96 billion. Inflows then fell to $364.4 million on Sept. 22.
Fed hike fails to derail Bitcoin recovery
The Federal Reserve raised its target range by 25 basis points to 3.75%-4.00% on Sept. 16, its first increase since July 2023. Bitcoin traded near $75,600 after the decision and has since recovered about 14% to the current price.
ETF flows turned positive even as the Fed tightened policy. A higher policy rate keeps financial conditions restrictive for risk assets, while the Fed also said inflation remains elevated. Bitcoin’s rebound reflects stronger buying demand, but the macro backdrop hasn’t become easier.
Glassnode flags leverage as Bitcoin holds $86,000
Glassnode said in a Sept. 21 X post that spot and perpetual buyers were leading the move, while leverage and profit-taking were rising with price. Its latest Market Pulse also placed futures open interest and funding above its statistical high bands, with options open interest near $41 billion.
Bitcoin touches $86k, up more than 10% from last Sunday's close.
Spot and perpetual buyers lead while leverage and profit-taking slowly rise with price.
ETF flows are the one reading still pointing the other way.https://t.co/ITbwts4aLz pic.twitter.com/Gqx3bPgJDZ
— glassnode (@glassnode) September 21, 2026
The leverage data complicates the ETF-led bullish case. Stronger spot demand supports the rebound, but elevated futures positioning can increase liquidation pressure if price reverses or ETF inflows lose momentum. Farside still recorded $364.4 million of net inflows on Sept. 22, marking a fourth straight positive session.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices are highly volatile. Always conduct your own research before making investment decisions.
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