Bitcoin rallies to $87K on economic signals and institutional inflows
Bitcoin climbed above $87,000 this week following weak US employment data that triggered a broader rally in alternative assets. The surge was driven by $103 million in Bitcoin ETF inflows during early October and $3.1 billion flowing into Bitcoin ETFs over a nine-day streak, signaling strong institutional interest. Bitcoin ETFs attracted $6.3 billion in Q3 alone, reflecting growing confidence from mainstream investors. The price momentum is breaking historical patterns, with Bitcoin on track to end a decade-long streak of September losses. Citigroup raised its 12-month Bitcoin price target to $113,000, citing the strong institutional inflows. Traders liquidated over $120 million in short positions betting on price declines, and open interest in Bitcoin futures jumped $2.3 billion, showing confidence in continued gains.
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Bitcoin's climb toward $87K shows the cryptocurrency is increasingly moving based on the same economic factors that drive traditional markets. ETF inflows indicate that regular investors through their brokerages can now easily access Bitcoin, making it a mainstream investment option rather than a niche asset.
