Daily newsletter · Mon 28 Sep 2026
Bitcoin touched its highest price since January and then lost its nerve
Bitcoin reached US$87,397 last Monday, the most it has been worth since January. By Friday it was back near US$84,700, which still left the week 4.7% higher. It has risen 51% from July's low of US$57,700.
So who was doing the buying? Spot bitcoin exchange-traded funds took in US$715 million on Monday alone and more than US$2.3 billion across four sessions. About US$750 million of bets against bitcoin were closed out above US$86,000.
Strategy, the software company that spends its balance sheet on bitcoin, holds 846,000 coins. That is about 4% of every bitcoin that will ever exist. Its shares ran hard on Monday and gave much of it back by midweek.
Bitcoin is still down about 3% for 2026. Monday's high sat just under the US$87,498 it closed at on the last day of 2025, so nine months of work has bought a return to level.
whether the ETF money stays once the price stops rising. Net inflows during a falling week would say more than Monday's high did.
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