Bitcoin Holds Around $85K as ETF Inflows Offset Miner Reserve Drop
Bitcoin traded near $84,779, up 0.88%, as U.S. spot Bitcoin ETFs attracted about $2.4 billion in the five days through Sept. 25. Miner reserves fell by 1,530 BTC to roughly 1.193 million BTC, while the seven-day average hashrate dropped to about 915.8 EH/s. Market watchers are focused on $86,000 resistance and the upcoming U.S. inflation report.
Bitcoin changed hands at $84,779.26, a 24-hour gain of 0.88%, while the wider crypto market added 1.03%. U.S. spot Bitcoin ETFs took in roughly $2.4 billion in the five sessions ending Sept. 25, their biggest weekly haul of 2026. Miner wallets tracked by CryptoQuant shed 1,530 BTC, leaving about 1.193 million BTC, as the seven-day average hashrate slipped to about 915.8 EH/s, a three-week low.
The Puell Multiple climbed 0.24 to 1.13, a gauge comparing daily mining revenue with its 365-day average. Bitcoin’s 30-day correlation with the S&P 500 hit 95%. Derivatives activity cooled: open interest fell 6.5%, and 24-hour liquidations dropped 88% to $7.45 million. Traders eyed $85,500–$86,000 resistance, $83,000 and then $80,000–$81,000 support.
Retail investors and crypto-linked businesses may feel shifts in sentiment as ETF flows and miner behavior influence price. A sustained move above resistance could encourage more participation, while a drop below support may heighten losses for leveraged traders. The upcoming inflation data could affect rate expectations, potentially spilling into broader markets given Bitcoin's high correlation with equities. Miners and energy markets may also be affected if hashrate and reserves keep changing.