Spot Bitcoin ETFs pulled in just $31.07 million on Monday, the weakest session of an eight-day inflow streak, while Bitcoin held near $84,000 — a price band where long-term holders are most concentrated. Derivatives markets have quietly shed leverage too, with open interest down roughly 49,000 BTC over the past week.
Bitcoin traded at around $84,000 on Tuesday, up 0.9% over 24 hours but down 2% across the week, according to CoinGecko data cited by Decrypt. Spot ETF demand, meanwhile, is thinning fast.
ETF demand thins even as the streak holds
Spot Bitcoin ETFs have now logged eight straight sessions of inflows, a run Block Scholes research analyst Thahbib Rahman put at roughly $3 billion. Monday's contribution, however, was thin: a net $31.07 million, with $54.84 million into BlackRock's IBIT and $10.32 million into Grayscale's mini trust offset by outflows of $23.19 million from GBTC and $10.90 million from Fidelity's FBTC.
That is the weakest day of the streak, and CryptoSlate reports flows have deteriorated steadily since Sept. 21, when daily inflows approached $1 billion. Even so, the funds pulled in $2.4 billion last week, their strongest weekly inflow of 2026.
Long-term holders crowd the $84,000 wall
Bitcoin is stalling in a zone where, according to Glassnode data cited by CryptoSlate, more long-term-holder coins sit between $84,000 and $85,000 than at any other level on its cost-basis distribution. That concentration could add selling pressure as holders return to breakeven or move back into profit. Glassnode said Bitcoin needs to break through the zone and hold above it for the rally to continue, and ETF demand had helped absorb supply during the September advance even as perpetual-futures traders sold into the move.
Derivatives quietly deleverage
Combined open interest across CME Bitcoin futures and perpetual futures has plunged roughly 49,000 BTC over the past seven days, the biggest weekly decline since October 2025, U.Today reports. Unlike that earlier reset, this one has unfolded quietly: volatility has stayed contained, liquidations have been modest, and funding rates have cooled.
Part of the drop is mechanical — the seven-day window spans the expiration of CME's September Bitcoin contract on Sept. 25, so the CME portion shouldn't be read as institutions abandoning leverage. Still, U.Today notes the data points to meaningful deleveraging across the market.
Sources: Decrypt, CryptoSlate, U.Today
Trading involves risk.
Risk Disclaimer
