Bitcoin Tops $81,000 as ETF Demand Returns and Shorts Get Squeezed
Crypto markets ended the week sharply higher, with Bitcoin reclaiming $81,000 and gains spreading across most major altcoins. Beneath the rally, however, derivatives positioning and ETF flows showed a market still moving through substantial shifts in capital.
Summary:
- Bitcoin climbed to $81,263.96 as short liquidations accelerated.
- Bitcoin ETFs ended September 14-18 at just +$6.1 million despite Friday’s $433 million inflow.
- XRP whale inflows to Binance approached 1.6 billion XRP, a six-month high.
Total cryptocurrency market capitalization rose 3.95% to $2.78 trillion, while market sentiment remained firmly in greed territory at 73, according to data from CoinMarketCap. XRP led the major assets with an 8.23% daily gain, followed by Solana at 5.93% and Ethereum at 5.30%.
Zcash remained one of the strongest performers over a longer window. ZEC traded at $1,546.82 after gaining 5.80% over 24 hours and 34.43% over seven days.
Crypto Market Prices
Falling Open Interest Changes the Read on Bitcoin’s Rally
Bitcoin’s 4.2% advance came with a decline in aggregate crypto open interest, which fell 1.77% to $455.07 billion. Derivatives trading activity moved in the opposite direction, with 24-hour volume rising 13.16% to $966.11 billion.
The liquidation data were even more skewed. Traders lost $722.78 million in leveraged positions over 24 hours, with short liquidations reaching $469.61 million, compared with $253.16 million for longs.
That positioning provides useful context for Bitcoin’s rapid move through $81,000. Price rose while open interest declined, indicating that outstanding leveraged positions were being closed on a net basis rather than the market simply adding a large amount of new long exposure.
The imbalance between long and short liquidations is consistent with short covering contributing to the acceleration. Traders betting against the market were forced out as prices moved higher, adding buying pressure during the advance.
This does not make the move purely a short squeeze. Spot prices were rising broadly and ETF demand improved sharply toward the end of the week. The distinction is that leverage was being removed while Bitcoin gained, rather than expanding aggressively alongside the price.
Bitcoin ETFs Recover After $746 Million Midweek Exodus
The ETF market went through an unusually sharp reversal between September 14 and September 18.
Bitcoin funds began the week with $159.9 million in net inflows on Monday before investors pulled $450.4 million on Tuesday and $295.9 million on Wednesday. According to FarSide Investors, those two sessions alone produced $746.3 million in combined withdrawals.
Demand returned quickly. Thursday generated $159.5 million of inflows, followed by $433 million on Friday. Fidelity’s FBTC accounted for $310.7 million of Friday’s total, BlackRock’s IBIT added $108.4 million and Bitwise’s BITB brought in another $9.7 million.
The late rebound almost completely repaired the damage, but it did not turn Bitcoin into the strongest ETF category of the week.
Across September 14-18, the five tracked categories finished at:
- Solana ETFs: +$60.7 million – Friday accounted for $47.6 million of the weekly total, with the inflow going to Bitwise’s BSOL.
- XRP ETFs: +$9.57 million – Monday brought $11.26 million, followed by $3.5 million on Wednesday. A $5.15 million Thursday outflow reduced the weekly result.
- Bitcoin ETFs: +$6.1 million – the $433 million Friday surge largely offset the heavy withdrawals recorded on September 15 and 16.
- Hyperliquid ETFs: +$3.1 million – the category moved back into positive territory after $1.7 million, $4.3 million and $1 million of inflows over the final three sessions.
- Ethereum ETFs: -$140.6 million – despite attracting $143.7 million on Friday, ETH funds remained the only one of the five categories with a sizeable weekly net outflow.
Ethereum’s weekly result was shaped by a particularly weak middle of the week. Funds lost $142 million on September 15, another $224.1 million on September 16 and $39.3 million on September 17. Friday’s rebound was led by $114.3 million into BlackRock’s ETHA and $26.2 million into Fidelity’s FETH.
READ MORE: Zcash ETF Split Scheduled for Sept 30 Following 26% ZEC Price Surge
The figures also put the strong final session into perspective. Bitcoin and Ethereum ETFs attracted a combined $576.7 million on September 18, accounting for more than 92% of the roughly $625.3 million in net flows across the five categories that day.
Solana nevertheless produced the strongest positive weekly total. Its $60.7 million cannot be compared directly with Bitcoin’s $6.1 million as a measure of relative institutional demand because the two ETF markets differ substantially in size. It does show, however, that Solana experienced more consistent positive net flows while Bitcoin spent much of the week recovering from large withdrawals.
XRP Rallies as Whale Inflows to Binance Reach Six-Month High
XRP added another layer to the week’s mixed capital-flow picture.
The token jumped 8.23% in 24 hours to $1.43, the strongest daily performance among the major cryptocurrencies in the market snapshot. XRP ETFs also remained modestly positive for the week, with approximately $9.57 million in net inflows.
At the same time, CryptoQuant data show a sharp increase in the amount of XRP being transferred to Binance by large holders.
The rolling 30-day sum of XRP whale inflows has approached 1.6 billion XRP, the highest reading since around March.
The change is particularly visible after several quiet months. Whale inflows declined steadily after March and remained much lower through May, June and July. The metric began recovering in August before the upward move became considerably steeper in recent weeks.
At XRP’s current price of $1.43, 1.6 billion tokens would carry a nominal value of roughly $2.29 billion. That is simply the current value of the tokens represented by the rolling CryptoQuant metric, not the amount whales have sold.
The distinction matters because moving XRP onto Binance makes the tokens easier to trade but says nothing by itself about the transaction that follows. Large holders can deposit assets ahead of a sale, but exchange transfers can also be associated with active trading, collateral management, liquidity operations or transfers between wallets.
The increase therefore becomes more informative when read alongside Binance’s net exchange flows, reserves, spot volume and XRP’s price response.
If whale deposits remain elevated while net inflows and exchange reserves rise and spot selling becomes heavier, more of the evidence would point toward distribution. If the deposits remain high without those accompanying changes, the activity would be less conclusive as a selling signal.
For now, price has absorbed the increase. XRP is trading above $1.40 despite whale inflows reaching their highest level in roughly six months.
Bitcoin faces a different test after its own late-week reversal. Friday’s $433 million ETF inflow arrived while open interest was falling and nearly $470 million in short positions were being liquidated. With some of that bearish leverage now cleared, the next ETF sessions will offer a cleaner view of whether fresh spot demand can continue supporting Bitcoin above $81,000.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Alexander Zdravkov
Reporter at CoinsPress
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
