Bitcoin traded at $77,379 on Friday afternoon in New York, down more than 3% over 24 hours after reaching a weekly high of $81,281. The retreat followed Federal Reserve Chair Kevin Warsh’s first major speech as head of the central bank, in which he said he had "more work to do" to combat inflation. Higher inflation expectations can reduce the likelihood of interest-rate cuts, a backdrop that has historically pressured Bitcoin because the asset generally performs better when borrowing costs are low. U.S. Bitcoin ETFs (exchange-traded funds) recorded $1.14 billion of inflows this week and more than $3 billion over the past nine days. Funds managed by BlackRock, Fidelity and Grayscale posted net inflows for nine consecutive days, according to Farside Investors data. The streak followed the Treasury’s announcement last week that it would at least double its liquidity-support buyback operations, which weakened the dollar and benefited non-yielding assets. Analysts said the debasement trade, in which investors hedge against currency depreciation, was helping renew interest in Bitcoin, gold and other precious metals. Total U.S. debt exceeded $40 trillion for the first time this month.