Bitcoin and other major cryptocurrencies are trading lower on October 7, 2026, though prices have remained relatively flat over the past two weeks after a September surge.
The choppy trading pattern resembles a typical stair-step rally structure, according to market observers, which could potentially lead to a move above $87,000 if momentum returns.
ETF Inflows Tell the Story
U.S. spot bitcoin ETFs attracted approximately $2.6 billion in September, with the week ended September 25 accounting for about $2.39 billion of that total. Daily inflows peaked at nearly $999 million on September 21.
Since then, demand has cooled significantly. ETFs drew $241 million last week and just $28 million in the first days of this week.
Oliver Carding, head of marketing at Tesseract Group, said that current price action suggests the ETF demand that fueled September's gains has not returned strongly enough to overcome renewed macroeconomic pressure. He identified roughly $300 million in daily ETF inflows as a key threshold to watch for signals that institutional demand is returning.
Flow Patterns and Investor Behavior
Martin Lee, head of content and data insights at DWF Labs, noted that large daily inflows matter more than extended streaks that accumulate only modest amounts. Across the year, 93 of 190 trading days have been negative despite net inflows of $1.2 billion, he said, indicating that longer-term flow size is more important than daily volatility.
Paul Howard, senior director at Wincent, observed that investors appear to be accumulating bitcoin during periods of weakness through dollar-cost averaging alongside institutional buyers. Many market participants continue to target bitcoin at $100,000 and above, he added.
Broader Market Context
Bitcoin fell approximately 1.5 percent to just above $84,200 as oil prices climbed following Iranian attacks on tankers in the Strait of Hormuz, which lifted Treasury yields and supported the U.S. dollar.
The ether-bitcoin ratio crossed below the Ichimoku Cloud, a momentum indicator, signaling a potential bearish shift in ether's performance relative to bitcoin.
