US spot Bitcoin ETFs pulled in $347 million on Wednesday, extending their inflow streak to five trading days even as bitcoin fell below $84,000 after briefly trading above $87,000. A jump in Treasury market volatility helped drive the pullback, though bitcoin has shown little long-term link to bond yields.
Spot Bitcoin exchange-traded funds drew about $347 million in net inflows on Wednesday, extending their positive streak to five trading days even as bitcoin fell below $84,000 after briefly trading above $87,000. The funds have drawn $2.65 billion over the five sessions through Wednesday, according to SoSoValue data.
Inflows slow but the streak holds
Wednesday's tally was down from $714.75 million on Tuesday and a 2026 high of $998.95 million on Monday. Even so, the funds have attracted $2.37 billion so far in September, offsetting earlier outflows and lifting year-to-date inflows to about $596 million.
BlackRock's IBIT led Wednesday with $166 million in inflows, followed by Fidelity's FBTC with $143 million, according to Farside Investors data. Spot Ether ETFs added about $105 million, their fourth consecutive day of inflows, while spot XRP ETFs brought in $18 million.
Bond market turbulence weighs on the price
The MOVE Index, which tracks expected Treasury turbulence, surged 21% to 95 points on Wednesday, its highest level since April 1. Over that stretch, bitcoin pulled back from $87,200 to $83,500. The U.S. 10-year yield jumped 15 basis points to top 5.13%, its highest since 2007. That followed S&P Global's flash Composite PMI rising to 58.4 in September, the highest since July 2021.
Yet the relationship between bitcoin and yields is weak over longer stretches. The 90-day correlation between bitcoin's daily returns and the 10-year yield sits at just -0.18, close to no relationship at all. According to CoinDesk: "Bitcoin's near-zero correlation with U.S. Treasury yields is a genuine portfolio advantage", Lacie Zhang, research lead at Bitget Wallet, said.
Other majors give back gains too
The pullback extended to other tokens. XRP lost 7.2% and Dogecoin fell 6.6% over 24 hours. Bitcoin itself traded about 3.6% below Monday's close of $86,620, near its $82,614 support level. The next test is Friday's quarterly options expiry on Deribit, which traders are watching for direction after the pullback.
Sources: Cointelegraph, CoinDesk, Finance Magnates
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