Bitcoin whale wallets and U.S. spot exchange-traded funds (ETFs) have both shown sustained demand, with mid-tier whale holders accumulating roughly 113,950 BTC since July 15 and U.S. spot Bitcoin ETFs recording $2.65 billion in net inflows over five consecutive sessions.

Whales Accumulate 113,950 BTC

On-chain analytics data dated Sept. 23 shows that wallets holding between 100 and 1,000 BTC increased their combined holdings by approximately 2.22% to about 5.24 million BTC — a combined cache equal to roughly a quarter of Bitcoin’s fixed 21 million supply. Santiment describes this cohort as one of the more reliable directional gauges in the Bitcoin (BTC) market, noting that changes in these wallets’ balances have closely tracked price trends over the past five years. Previous accumulation waves by the group frequently appeared shortly before or during sustained rallies.

The continued buying suggests that some large holders are treating price pullbacks as potential entry windows rather than exits. Santiment cautioned, however, that whale accumulation alone does not guarantee further upside and should be assessed alongside retail sentiment, fear indicators and exchange deposit flows.

A separate Glassnode analysis dated the same day provided additional cycle context. Bitcoin’s roughly 30% retracement from its all-time high is less than half as deep as losses recorded at comparable stages of previous bear markets, when market bottoms arrived within weeks. Glassnode said the traditional four-year cycle template is not repeating cleanly this time and that each week without a delayed breakdown reduces the likelihood of a decline matching the loss levels seen in earlier bear markets. The firm’s framework remains based on historical cycle analogies, meaning tools such as the Bitcoin Rainbow Chart provide context rather than a risk-free price floor.

Spot Bitcoin ETFs Post Five Consecutive Inflow Days

U.S. spot Bitcoin ETFs recorded $346.98 million in net inflows on Sept. 23, extending their gains to a fifth consecutive session. The five-day total reached $2.65 billion, the largest such streak since Oct. 10, 2025.

A shared flow update showed that BlackRock’s iShares Bitcoin Trust (IBIT) led the latest session with $166.29 million, nearly half of the daily total. Fidelity’s FBTC followed with $143.24 million, Morgan Stanley’s MSBT recorded $32.41 million and Ark Invest’s ARKB received $5.04 million. The remaining products were flat.

The earlier sessions illustrate the scale of the streak. The funds attracted $998.95 million on Sept. 21, their largest single-day inflow in roughly 11 months. IBIT accounted for $381.4 million, ARKB for $289.1 million and FBTC for $238.8 million. The products then added $714.75 million on Sept. 22, including $350.3 million from IBIT and $99 million from the newer MSBT.

Since its launch, IBIT has recorded $65.0 billion in net inflows, while FBTC has attracted $11.0 billion. All U.S. spot Bitcoin ETFs combined have gathered $57.22 billion, and total fund net assets reached $108.66 billion, equivalent to about 6.42% of Bitcoin’s market capitalization.

Spot Bitcoin ETFs themselves hold Bitcoin directly in regulated custody and list on U.S. exchanges like ordinary shares, giving traditional investors exposure to the asset through standard brokerage accounts Because net inflows in these products correspond to newly issued shares backed by Bitcoin delivered into custody, a five-day streak of this size is widely read as a gauge of institutional participation rather than secondary-market turnover alone.

Demand also extended to Ether products. U.S. spot Ether ETFs received $105 million on Sept. 23, including $50.8 million directed to BlackRock’s ETHA. The Bitcoin ETF inflow streak continued despite macroeconomic developments that affected risk appetite across the broader Bitcoin market, including the Federal Reserve’s first rate hike since 2023 and an extended U.S.-China trade truce. Macro policy shifts of this kind are tracked in digital-asset markets largely for their bearing on the liquidity conditions under which risk assets trade.

The shared flow update is available on X: https://x.com/WuBlockchain/status/2102972781084184906

ETF Flows Return to Positive Territory in 2026

Updated fund-flow data showed that U.S. spot Bitcoin ETFs have erased their net outflows for the year and returned to positive territory in 2026. The deficit had reached $5.69 billion as of July 13, but approximately $6.04 billion has flowed back into the funds since then, leaving them with about $349 million in net inflows for the year, according to Farside data.

IBIT alone attracted approximately $1.02 billion over the four most recent sessions. The average acquisition price of Bitcoin held by the ETFs was estimated at about $82,000.

Bitcoin had risen roughly 35% from its August low near $64,100, briefly reaching $87,265 before retreating to $84,589. CryptoQuant data nevertheless showed short-term holders sending approximately 47,600 BTC in profit to exchanges. Santiment also noted that heavy ETF inflows have historically coincided with market turning points, making the persistence of ETF buying an important factor in assessing the current trend.

Santiment said Bitcoin had moved back above its 365-day moving average, which stood near $80,500 — effectively the average price of the past year and a widely followed long-term trend line. The asset last reclaimed that level in March 2023, before advancing substantially in the following months. Bitcoin also moved through a heavy supply zone between $76,000 and $81,000. The next major test was identified between $88,000 and $90,000, where a large concentration of BTC is held.

CryptoQuant founder Ki Young Ju expects a 3-to-5x rally during the current cycle rather than another 10x move. He argued that the market’s larger size and increasing institutional participation are reducing the extreme volatility seen in earlier cycles.

IBIT Receives 3,750 BTC From Coinbase Prime

A separate on-chain update showed that BlackRock’s IBIT received 3,750 BTC, worth approximately $316 million, from Coinbase Prime within one hour. The transfer exceeded $300 million and indicated that the day’s net inflow could still have been increasing after the published flow figures were released. Because daily flow figures are compiled once each session closes, the next published update will show whether the streak extended to a sixth day.

Transfers of this size through Coinbase Prime are typically interpreted as custody movements associated with new fund creation rather than exchange selling. The transaction further highlighted IBIT’s role as the leading contributor to the five-day ETF inflow streak. It also indicated that BlackRock was absorbing Bitcoin while the spot price was trading near the $82,000-to-$88,000 range.

Glassnode’s latest analysis identified the next potential supply area following Bitcoin’s recent reclaim of higher levels. The firm placed the largest cluster of long-term-holder supply between $84,000 and $85,000. Bitcoin tested that range after briefly falling to about $83,500 on Wednesday before closing near $84,400 on Binance. It later declined to roughly $83,800 on Thursday without recording a confirmed daily break.

Above that supply band, Glassnode identified $95,000 to $97,000 as the next major test, where options positioning converges with the mean market-value-to-realized-value (MVRV) price of $96,700, a benchmark that gauges holder profitability by comparing market value with the value of coins at their last on-chain transaction prices. The firm said that holding above $84,000 would keep the path open, while a move below that level would bring the $77,000 True Market Mean back into focus.

The pullback followed a stronger-than-expected U.S. PMI report that pushed the 10-year Treasury yield above 5% and revived concerns about additional Federal Reserve rate hikes. Earlier, Bitcoin’s breakout above $84,000 on Sept. 21 had triggered the liquidation of $262.30 million in short positions within one hour.

Coinotag Technical Levels

As of 14:30 UTC, COINOTAG’s proprietary 42-indicator composite support-and-resistance scoring engine rated support at $81,593.98 at 80/100. The score was based on confluence among the S2 pivot, the Ichimoku Tenkan and Kijun lines, and Fibonacci 0.214. Resistance at $86,589.72 scored 79/100 based on the ATR upper band, R1, Fibonacci 0.000 and the Donchian upper band.

Spot Bitcoin was trading at $84,721.76, up 0.81% over 24 hours. The relative strength index (RSI) stood at 64.34, while the MACD was bullish within an uptrend. A nearer support level at $84,021.79 scored 60/100 and sat just below the current price, supported by a resistance-to-support flip, Fibonacci 0.114 and MACD-cross confluence. A deeper support level at $76,842 scored 58/100 based on the Donchian lower band, a swing low, the 50-day simple moving average and the Keltner lower band.

Derivatives positioning was described as constructive but not crowded. Funding was flat at 0.0000%, open interest stood at $16.71 billion, and the long-to-short account ratio was 1.37, with 57.8% of accounts positioned long. The figures indicated no leverage pile-up. The Fear & Greed Index stood at 71, signaling greed without euphoria.

Under the cited bullish scenario, holding $84,022 could lead to a retest of $86,590. A break below that level would place $81,594 and then $76,842 among the next support areas and would invalidate the stated scenario.

Source: https://en.coinotag.com/blackrock-bitcoin-etf-2-65-billion-five-day-inflow-streak