Bitcoin struggles above $80,000 as ETF inflows hit $730.9 million

  • Bitcoin traded near $79,000-$80,000 after reaching about $81,400 Thursday.
  • U.S. spot Bitcoin ETFs received $730.9 million Thursday, their biggest inflow since Jan. 14.
  • August payrolls rose by 162,000, lifting September Federal Reserve hike odds toward 60%.

Bitcoin traded near $79,000-$80,000 Friday after reaching about $81,400 a day earlier, as investors balanced strong institutional ETF demand against renewed Federal Reserve tightening risk. U.S. spot Bitcoin ETFs attracted $730.9 million Thursday, their largest daily inflow since Jan. 14, lifting total assets above $103 billion, or more than 6% of Bitcoin's market capitalization. The rally had also been supported by Treasury plans to increase liquidity-support buybacks of longer-dated government debt, which weakened the dollar and revived the debasement trade (buying scarce assets to hedge currency erosion). A stronger-than-expected August jobs report showing 162,000 new positions pushed market-implied odds of a September rate hike toward 60% and drove Treasury yields higher before the 10-year yield settled near 4.77%. Resistance stands near $82,793, while a sustained move above that level could reopen a path toward $90,000; the mid-$70,000s remain an important support zone. The Aug. CPI report on Sept. 11 and the Federal Reserve decision days later are the next major catalysts.

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