Bitcoin a repassé au-dessus des 86 000 dollars, atteignant son plus haut niveau depuis janvier et se trouvant sur le point de retrouver le seuil des 87 000 dollars atteint en début d’année, soutenu par d’importants flux d’investissement malgré un contexte difficile et un rendement des bons du Trésor américain à 10 ans avoisinant les 5 %, selon des données de Morningstar.
The Bottom Line
- Global bitcoin exchange-traded products recorded $690 million of collection on September 21, following inflows of $639 million on September 18.
- The Federal Reserve implemented its first interest rate hike in three years, pushing the 10-year U.S. Treasury yield close to 5%.
- Market analysts attribute the recent price action primarily to strong capital flows rather than isolated catalysts, despite ongoing macroeconomic headwinds.
Monetary Tightening and Macroeconomic Headwinds
The macroeconomic backdrop presents distinct challenges for non-yielding assets. The Federal Reserve recently enacted its first interest rate hike in a three-year span. Concurrently, the yield on the 10-year U.S. Treasury note hovers near 5%. Rising sovereign debt levels and broader fiscal sustainability concerns have also returned to the forefront of investor deliberations.
Speaking on an episode of “Bloomberg Crypto,” Acheson Jay Jacobs, responsable des fonds négociés en bourse (ETF) actions de BlackRock aux États-Unis, joined Scarlet Fu and Dushyant Shahrawat to discuss the positioning of the iShares Bitcoin Trust (ticker: IBIT). According to Jacobs, the current headwinds facing bitcoin indicate an ongoing monetary tightening cycle.
Institutional Inflows Fuel Market Resilience
Despite conditions that typically penalize non-producing assets, digital asset funds continue to absorb substantial capital. James Butterfill, directeur de la recherche chez CoinShares, noted that the recent price movement is “more about flows than specific events,” highlighting sustained accumulation by large holders and inflows totaling $639 million on September 18.
Data from Morningstar corroborates this trend, recording an additional $690 million invested in digital asset products on September 21. Following a brief correction leading up to the Federal Reserve’s policy decision, bitcoin recovered its losses within two trading sessions. Butterfill cautioned, however, that “a few sessions of resilience do not make a new regime.”
The Debasement Trade and Fixed Supply Dynamics
Market participants are increasingly evaluating bitcoin through the lens of sovereign debt debasement. Blue Macellari, responsable des actifs numériques chez T. Rowe Price, points to the resurgence of “bond vigilantes” and growing interest in scarce tangible assets as a driver for the asset class.
Dovile Silenskyte, directrice de la recherche sur les actifs numériques chez WisdomTree, emphasized the protocol’s immutable architecture. “You often hear bitcoin discussed in this context because its supply rules are predetermined,” Silenskyte explained, noting that its issuance schedule cannot be altered by central banks or governments attempting to manage fiscal deficits.
| Metric / Date | Reported Value | Context / Source |
|---|---|---|
| Bitcoin 5-Day Price Change | +12% | Surpassed $86,000 (Morningstar) |
| Digital Asset Inflows (Sept 18) | $639 million | CoinShares research data |
| Digital Asset Inflows (Sept 21) | $690 million | Morningstar global ETP tracking |
| U.S. 10-Year Treasury Yield | Approximately 5% | Macroeconomic indicator tracking |
BlackRock Scale and Market Positioning
As one of the world’s primary asset managers, BlackRock, Inc. oversees massive scale across global markets. By the close of 2025, the firm reported 14,041.5 MdsUSD in assets under management. This capital is distributed across equities at 55.5%, fixed income at 23.3%, multi-asset class allocations at 8.7%, alternative funds at 3%, and remaining categories at 9.5%.
Geographically, BlackRock generates 65.9% of its business volume in the Americas, followed by 29.6% in Europe and 4.5% in the Asia-Pacific region. Products like the iShares Bitcoin Trust (IBIT) operate within this sprawling institutional framework, bridging traditional asset allocation models with digital asset exposure.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
