Bitcoin briefly surged above $87,300 on Monday, its highest level since January 2026, before settling near $85,500, according to TradingView data. The move coincided with the largest single-day inflow into US spot Bitcoin ETFs in 11 months, at $998.95 million, and a wave of forced short liquidations that accelerated the rally, per SoSoValue data.

BlackRock's IBIT led ETF inflows with $381.4 million, followed by Ark & 21Shares' ARKB at $289.1 million and Fidelity's FBTC at $238.8 million, according to SoSoValue data. Monday's total was the largest since October 6, 2025, when inflows reached $1.2 billion. Spot Ethereum ETFs recorded $269.98 million in net inflows the same day, their largest single-day figure since October 7, 2025.

According to CoinGlass data, over $1 billion worth of cryptocurrency was liquidated in a single day, including almost $800 million in short positions.

How Strategy and Strive kept buying through the move

Institutional buying extended beyond ETFs. Strategy acquired 950 BTC for approximately $75.7 million between September 14 and September 20 at an average price of $79,670, according to an 8-K filing, which elevated its total holdings to an even 846,000 BTC worth approximately $71.9 billion. That position implies roughly $8.1 billion in paper gains at current prices and represents more than 4% of Bitcoin's total 21 million supply cap.

Strategy's purchase came after two weeks of unchanged holdings, and Michael Saylor's pattern of posting acquisition tracker charts to X, captioned "A little more orange" on this occasion, has historically preceded announcement of new purchases the following day.

The company also repurchased 1.77 million STRC preferred shares for approximately $174 million and used $57.4 million of its USD Reserve to fund dividend and interest payments during the same window, leaving USD Reserve and USD Cash balances at $5.04 billion and $1.05 billion respectively as of September 20.

Strive added 1,355 BTC for approximately $107.7 million at an average price of $79,475, lifting its total to 26,355 BTC worth more than $2.25 billion. The purchase coincided with the start of warrant exercises tied to Strive's common stock, with holders exercising nearly 786,000 warrants for approximately $21.2 million in gross proceeds. TD Cowen raised its price target on Strive's ASST shares from $32 to $44, citing faster-than-expected accumulation, and raised its projected full-year BTC Yield from 54.1% to 70.1%.

Strategy's stock gained 29% in a week to close at $168.50, according to Google Finance data. Bitcoin Treasuries data shows 197 public companies have now adopted some form of Bitcoin acquisition model, with Strategy, Twenty One, Metaplanet, MARA, and Strive making up the current top five by total holdings.

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