Bitcoin stays between $82,000 and $85,000 as new quarter begins

Bitcoin remains between $82,000 and $85,000 as the new quarter begins, extending more than a week of sideways trading. Bitcoin briefly exceeded $85,000 on Wednesday after weaker-than-expected U.S. inflation reduced expectations of Federal Reserve rate hikes. Bitcoin did not sustain the move above $85,000. U.S.-listed spot bitcoin ETFs recorded $148.7 million in net outflows on Wednesday, ending a nine-day inflow streak totaling $3.08 billion, according to SoSoValue. That was the year's largest inflow streak in dollar terms. Daily ETF inflows peaked near $1 billion on September 21 and steadily declined before the streak ended. Bitfinex analysts said daily ETF inflows need to increase for bitcoin prices to keep rising. Bitfinex's Absorption-to-Emission Ratio fell from 25.6 times on September 21 to 1.8 times on September 29. The ratio compares bitcoin bought by ETFs in a session with the roughly 450 BTC produced by miners each day. The broader altcoin market remains selective: the CoinDesk DeFi Select Index is the only index up 1% over 24 hours.