Crypto
Bitcoin Defies Strong US Payrolls Data with Rising Fund Flows
The latest US payrolls data has boosted Federal Reserve rate-hike odds to near 60%, but Bitcoin (BTC) is holding firm above key levels. According to Wintermute, August's payrolls printed 162,000 against a consensus of 53,000, lifting September hike odds.
BTC reached $82,400 before pulling back, but still closed last week above $80,000, up 3.45%. This resilience is attributed to investor capital rotating from exhausted equities and consolidating gold into BTC and Ethereum (ETH).
Wintermute notes that Bitcoin exchange-traded funds (ETFs) recorded $987 million in inflows last week for a third straight positive week, nearing $3.8 billion over the run. Meanwhile, Ethereum ETFs added $215 million over the same time frame.