Bitcoin Tops $86K Amid Strong ETF Inflows, 3x Crypto Products Win Approval

• Bitcoin increased 3% over the week to US$86,682, while ETH, SOL and XRP also gained.
• September marked the first time a positive August for Bitcoin was followed by a positive September.
• US spot Bitcoin ETFs recorded about US$2.65 billion in September inflows, led by BlackRock’s IBIT and Fidelity’s FBTC.
• QCP Capital pointed to US$87,400 resistance and US$82,500 support, while new 3x Bitcoin and Ether products expanded regulated leveraged exposure.

The crypto market is on the move: Bitcoin (BTC) gained 3.6% on the weekly chart and 2.2% on the daily chart, trading at US$86,682 (AU$124,739) at the time of writing. Ethereum (ETH) is also up 2.6% on the weekly chart, while XRP gained 1% over the same period. Solana (SOL) is up 0.45%, while Zcash (ZEC) is down 14.5% after a stellar run over the past few weeks.

Bitcoin ended September in the green, following a positive August. This breaks a long-standing pattern, as it is the first time a positive August has been followed by a positive September.

Analysts at QCP Capital called the move “consistent with a concentrated flow trade in an asset with a new regulatory catalyst and improved technical positioning”.

After the failure of the CLARITY Act, US agencies the SEC and CFTC stepped up and promised to provide guidance on crypto regulation within their respective remits. The SEC specifically issued a 17 September “innovation exemption”.