Bitcoin’s $84,000 wall gets harder to break as ETF inflows sink to $31 million

According to CryptoSlate, US spot Bitcoin exchange-traded funds drew just $31 million on Sept. 28, extending an eight-session inflow streak to its weakest day. Data cited by CryptoSlate shows BlackRock’s iShares Bitcoin Trust led the session with $54.84 million in inflows, while Grayscale’s Bitcoin Mini Trust added $10.32 million. Conversely, Fidelity’s Wise Origin Bitcoin Fund recorded $10.90 million in outflows and Grayscale’s GBTC lost $23.19 million. This slowdown follows a peak where daily inflows approached $1 billion.

CryptoSlate reported that the diminishing institutional demand coincides with Bitcoin stalling around $84,000, a key price zone where long-term-holder supply is heavily concentrated according to Glassnode. Glassnode noted that more long-term-holder coins sit between $84,000 and $85,000 than at any other level on its cost-basis distribution. While last week's inflows helped absorb supply during a September advance, the shrinking size of current inflows leaves less institutional demand available as Bitcoin tests this heavy resistance zone. CryptoSlate notes that a renewed pickup in ETF buying could help absorb supply around $84,000 to $85,000, whereas further declines risk leaving the rally without enough demand to clear the barrier.