Bitcoin reached $87,359 last week before slipping to about $83,116 on September 28. The decline came despite $2.39 billion entering US spot Bitcoin ETFs from September 21 to 25. This marked their strongest weekly inflow since October 2025.
This means capital is returning, but Bitcoin still faces heavy supply around recent highs.
Key Takeaways
- US spot Bitcoin ETFs recorded $2.39 billion in net inflows last week. Monday alone brought almost $1 billion.
- Glassnode identifies $84,000-$85,000 as a large long-term-holder supply zone.
- Bitcoin’s next major on-chain resistance sits at $96,700, based on Glassnode’s mean MVRV price.
RECENTLY UPDATED: Bitcoin (BTC) Price Prediction 2026 2027 2028 – 2030
Why $2.39 Billion Of ETF Buying Has Not Broken Bitcoin Higher
ETF inflows reached $999 million on September 21 and $714.7 million on September 22. They then fell to $346.9 million, $190.7 million and $134.5 million through Friday.
All five sessions still posted net inflows. Yet Bitcoin lost momentum after crossing $87,000. This likely points to a market absorbing fresh demand without entering full price discovery.
The $84,000-$85,000 Supply Wall
Glassnode places a large block of long-term-holder supply between $84,000 and $85,000. Bitcoin has moved above that zone, but the retreat shows buyers have not cleared all overhead supply.
Glassnode’s mean MVRV price stands at $96,700. This level provides a much higher valuation reference if Bitcoin establishes support above the current supply zone.
Bitcoin needs to hold above $84,000-$85,000 and reclaim $87,000-$88,000. This would show fresh demand is absorbing existing supply.
A sustained break could put $96,700 into focus. The opposite setup begins below $77,000, which Glassnode identifies as a key structural level.
ALSO READ: $1.7 Billion Has Flowed Into XRP ETFs. Why Has XRP Struggled To Break Higher?
Macro Pressure Could Decide Whether ETF Demand Wins
The Federal Reserve raised its policy rate to 3.75%-4.00% on September 16. It also said inflation remains elevated. This keeps financial conditions restrictive and can limit Bitcoin’s response to ETF inflows.
The ETF figures confirm stronger institutional demand, but price action has not confirmed a clean breakout. The key issue is whether buyers can absorb supply around $84,000-$88,000.
InvestingHaven’s premium crypto research provides deeper valuation analysis, forecasts and key market levels for investors assessing Bitcoin’s next move.
