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Bitcoin Reclaims $120,000 on ETF Inflows, Shutdown Jitters and Short Squeeze

Renewed inflows to U.S. spot ETFs are translating market anxiety into steady buy orders.

U.S. Dollar banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration
Image
A man walks on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., April 7, 2025. REUTERS/Brendan McDermid/File Photo
An investor monitors share market prices at a brokerage firm in Kuala Lumpur, Malaysia, August 24, 2015. REUTERS/Olivia Harris/File Photo

Overview

  • The price topped $120,000 for the first time since mid-August, putting it within roughly 4% of its $124,000 high.
  • U.S. spot Bitcoin ETFs logged heavy creations, including a $645 million single-day net intake as part of a multi-day run above $1.6 billion, with BlackRock’s fund now over $80 billion in assets.
  • Derivatives action amplified the move as a short squeeze triggered roughly $400 million to $450 million in liquidations and futures open interest set a record near $32.6 billion.
  • The federal shutdown has halted SEC reviews of new crypto ETF applications and delayed key economic releases like Non-Farm Payrolls, sharpening focus on the Fed’s late-October decision.
  • Traders are watching whether ETF inflows persist into the Oct. 31 options expiry clustered around $120,000–$125,000 and whether the short-term holder cost basis near $111,000 continues to hold as support.