In just two trading days, the net inflow into U.S. spot Bitcoin ETFs has surpassed $1.7 billion. This surge in investment follows a rise in the price of Bitcoin beyond the average entry price of fund participants.

Source: SoSoValue.

On September 21, inflows reached $714.75 million, while the previous day saw a record high for 2026 of $998.95 million. The total net assets under ETF management have climbed to $111 billion, marking a 56% increase from the June low of $71 billion, though it is still 13% below the January peak of $128 billion.

The majority of the funds on September 22 came from BlackRock's IBIT, which attracted $350 million, while Fidelity's FBTC brought in $257 million.

Source: SoSoValue.

James Seyffart, an analyst at Bloomberg Intelligence, noted that the average holder of Bitcoin ETFs is now profitable for the first time since January.

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 pic.twitter.com/h21zuvTxj6

— James Seyffart (@JSeyff) September 21, 2026

According to his calculations, the average purchase price was $81,722. Over the past week, Bitcoin prices have risen nearly 14%, stabilizing around $86,500.

As of the time of writing, Bitcoin is trading at approximately $86,190, having increased by 0.9% in the last 24 hours and 13.4% over the past week. On September 23, prices briefly exceeded $87,000.

Hourly chart of BTC/USDT from Binance. Source: TradingView.

Following Bitcoin's lead, most top-10 assets by market capitalization also saw gains, closing the day in positive territory.

Source: CoinGecko.

Market conditions have also shown improvement, according to a CryptoQuant analyst using the pseudonym Gaah.

MVRV MA30d breaks out of the Accumulation Zone for second time in 2026

“For about 6 months in 2026, the MVRV traded within this range, a pattern that, throughout Bitcoin history has signaled periods of intense accumulation followed by excellent returns.” – By @gaah_im pic.twitter.com/6Me3QVxbIc

— CryptoQuant.com (@cryptoquant_com) September 23, 2026

The 30-day moving average of the MVRV indicator has exited the accumulation zone for the second time this year, where it had been for about six months. The expert noted that surpassing the yearly high of 1.62 would confirm a shift from a bearish trend, targeting the historical peak of $126,000.

In September, analysts from JPMorgan stated that a decrease in demand for hedging in Bitcoin ETFs could provide stronger support for the asset than gold.

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