The price of Bitcoin has crossed the $87,000 mark for the first time since January, boosted by significant inflows into U.S. spot Bitcoin ETFs. According to SoSoValue, these instruments attracted $999 million on September 21.

Flow dynamics and inflows for spot Bitcoin ETFs. Source: SoSoValue.

BlackRock's IBIT led with $381.4 million, followed by ARKB from Ark Invest and 21Shares with $289.1 million, and Fidelity's FBTC with $238.8 million. Additionally, MSBT garnered $61.7 million, while BITB received $21.6 million.

At the time of this report, Bitcoin was trading around $85,500, having peaked at $87,329 in the last 24 hours.

Hourly chart of BTC/USDT on the Binance exchange. Source: TradingView.

Spot Demand Fuels Movement

The ETF inflows coincided with a surge in buying activity on cryptocurrency exchanges.

Glassnode analysts observed a shift in the flow of takers from selling to buying, along with an increase in trading volume. This movement was also marked by the liquidation of short positions.

Bitcoin touches $86k, up more than 10% from last Sunday’s close.

Spot and perpetual buyers lead while leverage and profit-taking slowly rise with price.

ETF flows are the one reading still pointing the other way.https://t.co/ITbwts4aLz pic.twitter.com/Gqx3bPgJDZ

— glassnode (@glassnode) September 21, 2026

Another indicator of capital inflow—the monthly change in realized capitalization—has surged above its typical range. Analysts view this as a sign of new capital entering the market at higher prices. Glassnode reports that approximately two-thirds of Bitcoin’s supply is currently profitable.

Wintermute noted a technical shift as well. The leading cryptocurrency closed the previous week at $81,159, marking the first time in 44 weeks it was above the 50-week moving average. Subsequently, prices broke out of the $75,000 to $81,000 range.

Experts believe that holding above this average confirms that June's low has held.

Bitcoin has returned above the 50-week moving average after 42 weeks below it. Source: Wintermute.

However, the firm cautioned that discussions about a return to the all-time high by year-end may be premature, as the market still needs to consolidate at new levels and navigate a profit-taking phase.

Leverage Follows Buyers

Following the initial momentum, traders rapidly began to increase their leveraged positions. According to Coinalyze, open interest in Bitcoin futures reached $30.5 billion, reflecting a 5.5% increase in a single day.

Of this, $29.2 billion is in perpetual contracts.

Open interest in Bitcoin derivatives. Source: Coinalyze.

Glassnode also recorded open interest in futures and funding rates above their normal ranges. In options, the figure approached $41 billion, with an increase in realized profits.

Experts suggest this creates a more complex picture: while real purchases support the rise, leverage is also increasing. As leveraged positions grow, the market becomes more sensitive to changes in spot demand.

Sentiment in the options market remains positive. Wintermute highlighted increased demand for long-dated call options and call spreads for year-end.

Market participants are already discussing the potential to return to the all-time high of $126,000, although the market maker believes such a scenario is still premature.

Nansen Identifies $90,000 as Next Target

Nikolai Sondergaard, a senior analyst at Nansen, indicated that before Bitcoin reached $87,000, the $90,000 mark was the next target. Following that, he pointed to the psychological barrier of $90,000 and the $92,000 region, as reported by CoinDesk.

According to the expert, the price is bullish faster than market participants can adjust their positions. Thus, traders who haven’t repositioned after the breakout will need to catch up with the movement.

Sondergaard emphasized that sustained spot purchases and inflows into spot ETFs are crucial for continued growth. Without these, the current momentum risks becoming predominantly driven by leveraged positions.

He also highlighted additional risks, including rising yields on U.S. government bonds and new geopolitical upheavals.

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