Bitcoin's $85K rally started with ETFs, but leverage is building
- —U.S. spot Bitcoin ETFs took in $999 million on Sep. 21 and $714.7 million on Sep. 22
- —Open interest rose about 7% over a month, with funding around 8% annualized
- —BTC reached $87,392, its highest since Jan. 29, then fell back toward $84,000 by Sep. 24
- —Kaszycki sees $90,000 as a level where holders may sell
Why it matters: The rally increasingly relies on borrowed money: if funding and open interest keep outpacing ETF inflows, the move could unwind quickly through liquidations.
Source: crypto.news