TL;DR:
- U.S. spot exchange-traded funds (ETFs) attracted $2.38 billion over the past week, reversing the net annual balance that stood at a negative $5.7 billion in mid-July.
- MicroStrategy acquired 1,665 BTC for approximately $142.7 million between September 21 and September 27, at an average price of $85,681.
- Open interest in derivatives saw a contraction following the September 23 pullback, while the asset defends the $84,000 technical support level.
The price of Bitcoin remains in technical consolidation after posting a 6.68% weekly appreciation toward late September. In this regard, this Monday, September 28, Bitfinex Alpha analysts revealed in a report that bullish continuation will depend on spot demand, within a context where previous leverage in derivatives markets underwent significant deleveraging.
The document details that the initial momentum that pushed the price above the previous resistance level of $81,300 was accompanied by an increase in leveraged positions.
This debt structure was liquidated and reduced during the correction on September 23. The exchange’s researchers emphasize that the stability observed afterward reflects efficient absorption by institutional buyers and corporate treasuries.
Recent buying pressure was backed by inflows into institutional investment vehicles. U.S. spot ETFs recorded net inflows of $2.38 billion over the past week, the largest weekly figure recorded since October 2025.
According to Farside Investors data cited in the analysis, this capital flow allowed cumulative net inflows during 2026 to turn positive.
In mid-July, the net balance of these products showed a cumulative contraction of $5.7 billion. On the other hand, sustained corporate purchases reinforced the accumulation base, highlighted by Strategy’s acquisition of 1,665 units executed at an average cost exceeding $85,600.
Support Structure and Key Levels for the Quarterly Close
From a technical standpoint, the asset is trading within a range bounded between $84,000 and the annual open level at $87,722.
According to Bitfinex estimates, $84,000 represents a significant concentration of long-term holders. An analysis of on-chain metrics suggests that sustaining this technical floor would keep the projection toward the $96,700 zone open.
Below that threshold, the True Market Mean currently sits at $77,000. According to the platform’s researchers, this latter level represents the technical support that separates a healthy consolidation phase from an invalidation of the recovery move.
The document also emphasizes that macroeconomic pressures stemming from monetary tightening appear to have been largely absorbed by traders.
The market’s neutral reaction to the lack of legislative progress on the Clarity Act in Washington and its resilience following interest rate adjustments demonstrate a shift in capital flow sensitivity. Current stability, accompanied by a decrease in open interest, indicates a transfer of coins into hands that do not rely on financial leverage.
The next macroeconomic catalyst will occur on Wednesday, September 30, with the release of the August Core Personal Consumption Expenditures (Core PCE) price index and the third revision of U.S. Q2 GDP, an event that will coincide with the monthly and quarterly close of financial markets.
