Bitcoin surged 14% in the last week, climbing to $86,000 after briefly breaching $87,000, the highest level since January 2026. According to Giottus CEO Vikram Subburaj, this rally is fueled by institutional demand, with spot Bitcoin ETFs attracting nearly $2 B over four trading sessions to September 22.
Spot Bitcoin ETF inflows hit $999 M on September 21, the strongest single‑day inflow since October 2025, and added to a cumulative $2 B inflow, dwarfing the $600 M inflow seen in the preceding month. Delta Exchange analyst Riya Sehgal noted that Ethereum ETFs also recorded strong inflows during the session.
Derivatives positioning added momentum, as more than $1 B of crypto positions were liquidated, including a large share of short positions, creating buying pressure. Such liquidations can force short sellers to close positions, further lifting the price.
On‑chain data shows Bitcoin crossed its 365‑day moving average with limited profit‑taking, while XRP’s open interest rose sharply, indicating broader market participation. WazirX founder Nischal Shetty said the move did not coincide with a significant buildup of fresh leverage.
Resistance sits at $87,500; support lies at $84,000–$85,000. Investors should monitor the upcoming US CPI and PPI releases, which could trigger volatility, said Balaji Srihari, VP‑Business, CoinSwitch India.
If ETF inflows sustain and short covering continues, Bitcoin could test $88,000, but any sharp reversal in Treasury yields or oil prices may pull the rally. Analysts warn that the sustainability of ETF inflows will be key for the next leg of the move.