Bitcoin Tops $85,000 as CLARITY Act Failure Ignites Market Rally
Bitcoin has broken past $85,000 on the back of a CLARITY Act failure and renewed institutional interest, with Fidelity leading a spike in Friday's ETF inflows. While the price now exceeds the average acquisition cost for ETF holders, analysts warn that sustained buying is required to prevent a pullback toward the $82,100 support level.
Exchangerates.org.uk notes that US spot Bitcoin ETFs have attracted $433 million in Friday inflows, a surge driven primarily by Fidelity's $310.7 million intake, though the weekly net remains modest at $6.1 million. The analysis highlights that the current price of $85,696 has surpassed the estimated average cost basis of ETF investors at $85,638, suggesting the market is approaching a critical breakeven point for these funds.
Source: exchangerates.org.ukBitwise CIO Matt Hougan told CNBC that the recent surge signals the end of the crypto winter, predicting Bitcoin could test its previous all-time highs by year-end as blockchain fundamentals strengthen. According to TradingKey, Hougan argues that the stalled CLARITY Act is not a hindrance, noting that current SEC and CFTC regulations are sufficient to support continued institutional growth.
Source: TradingKeyAccording to bitcoinfoundation.org, the rally is being driven by a reversal in institutional sentiment, with U.S. spot Bitcoin ETFs recording $433 million in net inflows on September 18 after nearly $750 million in outflows earlier in the week. The analysis highlights that Fidelity and BlackRock funds led this buying surge, helping BTC climb more than 10% from its recent low near $75,000 despite the Federal Reserve's latest rate hike.
Source: bitcoinfoundation.orgBitcoin broke $85,000 after the CLARITY Act failed in the Senate. Coinbase and Strategy shares also rose significantly.
Source: Crowdfund Insider
