ETF demand, not the squeeze, carried Bitcoin to $87,000
Bitcoin returned to $87,000 this week on two different kinds of demand, and the distinction is the whole story. US spot Bitcoin ETFs swung from mid-month redemptions to more than $2 billion of net creations across the September 18, 21 and 22 sessions. At the same time, roughly $470 million of crypto short positions were liquidated in one 24-hour run into the September 18 surge.
One of those forces removes coins from the tradable float and builds a persistent bid underneath the market. The other is a one-time accounting event. The week's move only makes sense once you stop reading them as one number.
Key Takeaways Bitcoin heads into Friday near $84,173, up about 4.0% on the week so far, after p…
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