Bitcoin climbed past $87,000 after clearing resistance near $82,000, marking an eight-month high before pulling back toward $84,000. According to reports from crypto.news, the rally was driven by U.S. spot Bitcoin ETFs drawing approximately $1.7 billion over two sessions, with Bitcoin ETFs taking in about $999 million on September 21 and $714.7 million on September 22. HashKey Group researcher Tim Sun attributed the move to easing oil and Treasury yields, short covering, and stronger U.S. spot ETF demand, noting that ETF inflows followed the initial breakout rather than starting it. Recent analysis shows Bitcoin entered October about 9% above its close on the day of the Fed rate hike, with history favoring October performance as it rose in 10 of the past 15 years with a median gain of 11.2%.
The Federal Reserve released two proposed GENIUS Act rules on September 24, establishing significant regulatory framework for stablecoin issuers and opening a 60-day public comment period. As reported by crypto.news, the first proposal would require payment stablecoins issued by firms under Fed supervision to be fully backed by permitted assets, including short-term U.S. Treasury bills and other highly liquid holdings, while setting capital and risk-control requirements. The second proposal outlines how an insured state member bank would seek Fed approval for a stablecoin-issuing subsidiary, including a tailored application process involving business plans, financial statements, and provisions for appeals and judicial review. Governor Michael Barr backed the proposal but emphasized that the final rule must make universal redemption rights clear, flagging concerns over a provision barring the Fed from acting on anti-money laundering lapses unless they are significant or systemic.
Spot Bitcoin ETFs have maintained buying momentum for seven straight sessions since September 17, taking in $2.98 billion according to SoSoValue flow data. However, the pace has significantly slowed, with September 25 inflows of $134.47 million representing just 13% of the $998.95 million peak on September 21. This compares unfavorably to the August streak that ran nine sessions and $3.04 billion, which never dropped below 38% of its peak day. Despite the cooling flows, long-term holders are showing renewed interest, with Hodler Net Position Change turning green since August 31 after staying red from August 2 to August 30. The metric climbed from 16,415 BTC on September 25 to 23,172 BTC on September 27, indicating holders are buying the pause that funds are sitting out.
Bitget reported unauthorized wallet transfers on September 24 affecting an estimated $351.6 million in assets, prompting the exchange to suspend withdrawals while allowing deposits and trading to continue. According to crypto.news coverage, Bitget's preliminary findings pointed to a breach of backend systems rather than a private-key leak, with blockchain tracker Lookonchain estimating that 102.93 million XRP, worth about $157.48 million, made up the largest portion of stolen assets. The exchange had not confirmed who carried out the attack.
Binance purchased approximately $100 million in Circle shares through a private placement completed on September 17, covering about 1.24 million shares. Under a new five-year agreement, Binance will promote USDC across its platform while Circle pays monthly incentives tied to qualifying USDC balances. As reported by crypto.news, SoFi and Mastercard announced that transactions in SoFi Bank's $25 billion card program are now settling using SoFiUSD, marking live use of a U.S. bank-issued stablecoin in card infrastructure. Strategy resumed Bitcoin purchases with 950 BTC for $75.7 million between September 14 and September 20, ending a two-week pause.
Technical analysis reveals Bitcoin has traded inside a falling channel since January 13, with buying volume fading since February 6 and the late-September push failing at $87,360 near the channel's upper line. The 50-period exponential moving average sits at $74,117 and is close to crossing above the 100-period EMA at $74,312, which would signal a bullish trend. Reclaiming $84,433 comes first, followed by targets at $90,288, $99,764, and $115,094. Below $80,811, weak ETF flows could drag price to $74,957 near the EMAs and the long pile. A liquidation map shows $4.35 billion in long positions against $1.65 billion of shorts, with October 10, 2025, having seen more than $19 billion of leveraged bets wiped out, highlighting the potential for significant volatility.
