Bitcoin's push toward $90,000 has stalled below its $87,722 yearly open as weekly U.S. spot Bitcoin ETF inflows collapsed to $241.1 million from $2.39 billion, according to Bitfinex analysts. The slowdown comes even as U.S. equities hit fresh record highs and bitcoin twice topped $86,000 on regulatory news from the CFTC and SEC, with traders now watching September CPI data on Oct. 14 for the next directional cue.
Bitcoin stalled below its $87,722 yearly open after reaching $87,197 on Oct. 2, marking its third rejection below that level in two weeks, Bitfinex analysts told crypto.news. The exchange's analysts said weekly ETF inflows fell to $241.1 million for the week of Sep. 28–Oct. 2, down from $2.39 billion the prior week. According to Bitfinex: "Our upside view is intact, but the timing depends on flows", the analysts said.
ETF buying slows as investors regain breakeven
A $148.7 million withdrawal on Sep. 30 ended a nine-session inflow streak that had totaled $3.08 billion, Bitfinex said. BlackRock's IBIT still attracted $450.2 million across the week while Fidelity's FBTC lost $168 million. Using Checkonchain's flow-weighted estimate, ETF investors' average purchase price sits at $84,320, a level bitcoin stayed below for 233 consecutive days before reclaiming it on Sep. 21. Because holders are now back near breakeven, the analysts said purchases tend to accelerate once a larger profit cushion builds, rather than confirming buying will stay weak.
Stocks hit records as bitcoin gets a regulatory lift
Meanwhile, U.S. equities moved in the opposite direction: the S&P 500 added 0.8% to reach 7,835 points as the Nasdaq 100 and Nasdaq Composite also set new highs. Bitcoin's correlation with the S&P 500 climbed to 0.51 as of Oct. 2, its highest since early June, according to CryptoQuant data cited by Cointelegraph.
Bitcoin itself drew support from regulatory headlines, twice breaching $86,000 on Tuesday and peaking near $86,450 after the CFTC opened an advance notice of proposed rulemaking on crypto, days after an SEC custody proposal. Bitcoin's market capitalization reached about $1.72 trillion. Total liquidations fell to about $30 million from $109 million the prior day.
$84,000 support in focus ahead of CPI
Bitfinex analysts identified $84,000 as bitcoin's largest cost-basis cluster, the level at which 75% of supply sits in profit. A break below $82,600 would push ETF investors back underwater and could slow inflows further, they said, while sustained trading under $81,300 alongside outflows would bring the $77,000 area back into view. The analysts pointed to September CPI data due Oct. 14 as the next test, ahead of the Federal Reserve's Oct. 27–28 meeting, saying slower core inflation would weaken the case for a December rate hike while firm inflation and spending would keep it on the table.
Sources: crypto.news, Cointelegraph.com News, Bitcoin News
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