Bitcoin’s $85,000 recovery awaits proof that ETF investors kept buying after payrolls
Bitcoin traded near $85,276 after falling back from roughly $86,000 following the September jobs report. Glassnode data suggests much of the advance was driven by short liquidations before the release: $50 million in forced buying occurred in ten minutes, while futures open interest later dropped by $1.5 billion as prices retreated. The perceived chance of another quarter-point Fed hike fell from 66% to 22%. Spot Bitcoin ETFs recorded $102 million in inflows on Oct. 1, but data covering post-payroll flows was incomplete. Trading volume was also near the low end of its range since ETF launches. Sustained recovery will depend on repeated fund inflows and broader spot-market participation, not just lower rate-hike expectations or short covering.
