U.S. spot Bitcoin ETFs have seen over $1.7 billion in inflows in just two days, driven by rising Bitcoin prices.
In a remarkable surge, U.S. spot Bitcoin exchange-traded funds (ETFs) have seen net inflows exceeding $1.7 billion within just two trading days. This influx has been attributed to Bitcoin's price rally, which has surpassed the average entry point for ETF investors.
On September 21, the inflows totaled $714.75 million, following a record-breaking $998.95 million on September 20, marking the highest inflow for 2026. The overall assets managed by these ETFs have risen to $111 billion, reflecting a 56% increase from a June low of $71 billion, although this figure remains 13% below the January peak of $128 billion.
BlackRock's IBIT led the way on September 22 with $350 million in inflows, while Fidelity's FBTC contributed $257 million.
According to James Seyffart, an analyst at Bloomberg Intelligence, this marks the first time since January that the average holder of Bitcoin ETFs is in profit. Seyffart pointed out that the average cost basis for ETF investors is now around $81,722 per Bitcoin.
NEW: The average Bitcoin ETF Holder is back above water for the first time since January. The rally this morning has bitcoin:native above our estimated ETF cost basis of $81,722 per coin. h/t @EricBalchunas
Bitcoin's price has surged nearly 14% over the past week, stabilizing around $86,500. Currently, Bitcoin is trading at approximately $86,190, having risen by 0.9% in the last 24 hours. On September 23, it briefly surpassed $87,000.
In parallel with Bitcoin's performance, most top-10 cryptocurrencies by market capitalization also experienced gains, closing positively.
Market conditions appear to be improving, as noted by a CryptoQuant analyst known as Gaah. The 30-day moving average of the MVRV indicator has recently exited the accumulation zone after being there for about six months, suggesting a potential shift in market sentiment. If this indicator surpasses the yearly high of 1.62, it could signal a transition from a bearish trend, with a target of reaching the historical peak of $126,000.
Furthermore, analysts at JPMorgan indicated that a decline in demand for hedging within Bitcoin ETFs could strengthen the asset's position compared to gold.
