Binance CEO Says Spot Bitcoin ETFs Drew $999 Million Despite Rising US Treasury Yields

Bitcoin (BTC) traded near $84,000 after reaching $87,000, with a 4% weekly gain attributed to a single day's jump. Glassnode reports spot buyer conviction is waning, while ETF inflows reached $2.7 billion. Open interest is high, and long-term holder resistance is near $84,000-$85,000. Altcoin volume is at a high ratio, historically aligning with Bitcoin tops.

Bitwise's research reveals that major institutions did not sell Bitcoin during its price drop from $125K to $60K, with many increasing holdings. Sovereign wealth funds are reportedly selling gold to buy Bitcoin, treating it as a hedge against debasement. The report highlights Bitcoin's lack of correlation with traditional assets and the role of ETFs in mitigating market downturns.

Crypto ETFs saw $2.39B inflows, erasing 2024 losses, despite Bitcoin's 4.3% drop as 10-year Treasury yields rose to 5.20%, according to Hilbert Group. BlackRock, Fidelity, and others led inflows. Bitcoin traded near $83,500, with support at $80,000 and resistance at $89,000.

Strategy moved 3,568 Bitcoin ($297M) between wallets on Tuesday, raising questions about potential sales. On-chain analysts attributed the transfer to Fidelity's custody system. Strategy had recently acquired 1,665 Bitcoin ($142.7M), bringing its total disclosed holdings to 847,666 Bitcoin ($63.95B). The purpose of the transfer remains unconfirmed.

Alkanes, a Bitcoin metaprotocol, drove 61.1% of Bitcoin transactions between June 23 and September 20, according to SUBFROST. Alkanes used 40.3% of block space and 13.4% of transaction-fee revenue. The protocol is maintained by SUBFROST and is popular in the Asia Pacific region. SUBFROST's data shows 99.7% of UNCOMMON•GOODS Runes mints in the period were also DIESEL mints.

Spot Bitcoin ETFs saw eight straight days of inflows, totaling $2.39B, the largest since October 2025. Cumulative inflows reached $57.5B since January 2024, with total assets nearing $108B. Traders are betting on $90K and $95K call options, but Bitcoin's price remains around $83K-$84K, 34% below its peak. BlackRock's IBIT and Fidelity's FBTC led inflows. Options activity may be pinning the price.