Bitcoin Struggles to Gain Traction Despite ¥440 Billion ETF Inflows as Miner Selling and Bitget Hack Weigh

Bitcoin (BTC) fell to an intraday low of $83,160 on September 25, dipping below its 7-day moving average. Despite $2.8 billion (approximately ¥440 billion) in inflows to U.S.-listed spot ETFs over six days, rising U.S. Treasury yields, miner selling, and an exploit at crypto exchange Bitget weighed on the market, preventing any sustained push higher.

BTC hit a recent high of $87,345 on September 21 before pulling back to the $83,000 range. In the ETF market, institutional buying has continued, with September 21 recording the largest single-day net inflow in the past 12 months at $999 million (approximately ¥160 billion). September 24 also saw net inflows of $190 million (approximately ¥30 billion). The six-day cumulative total reached $2.8 billion, turning year-to-date net inflows positive at approximately $800 million (approximately ¥130 billion).

Yet the price has struggled to gain ground due to multiple overlapping sell pressures. First is the sharp rise in U.S. Treasury yields. In midweek trading, the 10-year Treasury yield surpassed 5.22%, hitting its highest intraday level since 2007. The 30-year yield also climbed above 5.5%, reaching levels not seen in roughly 22 years. When yields on risk-free assets like U.S. Treasuries rise, capital tends to flow out of risk assets such as equities and cryptocurrencies.