Money Flows to Bitcoin Cash and Zcash when Bitcoin Under 86,000 Dollars

Bitcoin falls back below 86,000 dollars this Wednesday, September 23, while capital moves towards Bitcoin Cash (BCH) and Zcash (ZEC). At the same time, on-chain data tells another story with BlackRock bringing in 1.02 billion dollars into its IBIT ETF in just four sessions. In brief Bitcoin falls below 86,000 dollars and hits 85,500 dollars, while BCH soars by 28% and ZEC by 9%. The macro context does not help: rising oil, US 2-year Treasury yield at cycle highs, increasing bet on a Fed rate hike in October. BlackRock, on the other hand, doesn’t care about the decline: 1.02 billion dollars flowed into IBIT in four days, and its portfolio now holds 787,075 BTC. Bitcoin Falls Below 86,000 Dollars and Capital Flows Elsewhere Bitcoin replayed its weekly high of 87,300 dollars on Monday and then stalled there. Result: Sellers lying in wait; Drop to 85,500 dollars during the session, before stabilizing around 85,800-86,000 dollars. Nothing dramatic in itself but the money did not stay idle. It moved to Bitcoin Cash which first benefited with +28% in 24 hours, up to nearly 349 dollars. This, after the announcement by CME Group that it will list futures on BCH and Uniswap starting October 19. Also, Zcash follows with +9%, around 1,646 dollars. XRP manages to gain 3% around 1.59 dollars, while TRX falls by 2%. Analysts see this as a temporary shift of crypto capital towards altcoins rather than a bitcoin flight. Especially since this type of rotation has in the past slowed BTC without ever reversing the fundamental trend because dips attract new buyers who had stayed on the sidelines until then. Oil and US Rates Move Wall Street Bitcoin’s decline is not happening in a bubble since WTI oil has rebounded by more than 2 dollars from its session lows at 90.93 dollars per barrel. This comes amid concerns reported by the Wall Street Journal about a possible US embargo on diesel exports. This movement then pushed the US 2-year Treasury yield to a new cycle high at 4.79%. In response, the odds of a Fed rate hike in October rose above 53%, which is a bad sign. Your 1st cryptos with BitpandaThis link uses an affiliate program. BlackRock Keeps Buying Bitcoin While everyone watches BTC price falter, BlackRock accumulates. According to Arkham data, the IBIT ETF received 1.02 billion dollars in inflows over the last four trading sessions. In the past 12 to 16 hours, BlackRock’s wallet received a series of nearly identical transfers of 300 BTC each, worth 25.9 million dollars each. They come from Coinbase Prime’s hot wallet, at regular intervals. So this is not a single order, but an accumulation rhythm.