Bitcoin Bulls Defy Uncertainty Ahead of US NFP Report
Bitcoin (BTC) continues to defy market uncertainty as it trades near $64,100 on Friday. Despite cautious sentiment ahead of the US Nonfarm Payrolls report, institutional demand remains strong.
US-listed spot Bitcoin Exchange-Traded Funds (ETFs) recorded an inflow of $754.69 million through Thursday, indicating renewed interest from large holders. According to CryptoQuant's data, whale balances have risen this year, with large holders buying dips below $60,000.
Risk sentiment remains subdued due to tensions surrounding the Strait of Hormuz, casting doubt on a potential US-Iran peace deal and weighing on risk assets such as BTC. The upcoming US NFP report could trigger increased volatility in Bitcoin, with traders reassessing the Fed's policy outlook.