Bitcoin Rebounds to USD 87,307 as Spot Buying Follows Through, but Futures Open Interest Recovers

AT A GLANCE

Cloud said that Bitcoin's rebound has seen follow-through from spot buying, and whether it can continue depends on ETF inflows and leverage temperature.

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Huobi HTX Chief Analyst Cloud: Bitcoin Rebound Sees Spot Buying Follow-Through; Sustainability Depends on ETF Inflows and Leverage Temperature

PANews reported on September 23 that Cloud, chief analyst at Huobi HTX, said that Bitcoin rapidly rebounded after bottoming under the dual pressure of interest-rate hikes and the stalled CLARITY Act, gaining approximately 16% in one week and rising intraday to USD 87,307 on September 21 (Huobi HTX spot price), a new high since January. The rally was driven by three forces: U.S. spot Bitcoin ETF net inflows of approximately USD 1 billion on September 21, the largest single-day inflow of the year; approximately USD 650 million in short liquidations within 24 hours; and a decline in oil prices that cooled inflation expectations. Compared with last week's rebound, which was primarily driven by passive short covering, this week saw follow-through from spot buying. Whether the market can continue depends on two factors: whether ETF inflows can shift from a single-day pulse into a sustained trend, and whether leverage can remain at a level that is not overheated. The current funding rate is approximately 0.01%, within the neutral range, but open interest in Bitcoin futures has recovered to above USD 61 billion, fun...

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Key points

Cloud, chief analyst at Huobi HTX, said that Bitcoin rapidly rebounded after bottoming under the dual pressure of interest-rate hikes and the stalled CLARITY Act.
Bitcoin gained approximately 16% in one week and rose intraday to USD 87,307 on September 21, a new high since January.
U.S. spot Bitcoin ETF net inflows were approximately USD 1 billion on September 21, the largest single-day inflow of the year.
Approximately USD 650 million in short liquidations occurred within 24 hours.
The current funding rate is approximately 0.01%, within the neutral range.
Open interest in Bitcoin futures has recovered to above USD 61 billion.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

This information suggests that Bitcoin's latest rise was driven not only by short covering but also by spot buying. Future performance will depend primarily on whether ETF funds continue to flow in and whether leveraged trading becomes overheated.

Why it matters to readers

Cloud considers ETF inflows and leverage levels to be key indicators for assessing whether Bitcoin's rebound can continue.

Beginners should focus on two indicators: ETF net inflows reflect buying by some investors, while the funding rate and open interest reflect leverage and crowding in the futures market.

Risks and unknowns

The original text is truncated at “open interest in Bitcoin futures has recovered to above USD 61 billion, fun...”, so the subsequent information cannot be confirmed.
This passage alone cannot confirm whether ETF inflows will become a sustained trend.
This passage alone cannot confirm whether Bitcoin's rebound will continue.

Bitcoin Rebounds to USD 87,307 as Spot Buying Follows Through, but Futures Open Interest Recovers

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