Bitcoin Grinds Higher on Returning ETF Bid Amid Softening Macro Data

Bitcoin's price has increased to around $65,227 after a weekly gain of roughly 3%, its most consistent growth since late July. The move was primarily driven by cash-ETF demand returning across both Bitcoin and Ethereum.

The US spot Bitcoin ETFs pulled in approximately $626 million over three trading sessions (August 3, 5, 7), with BlackRock's IBIT accounting for nearly half of that amount at $479 million. This marks the most sustained inflow momentum since late July.

The macro tape softened, as a weaker-than-expected jobs print pushed the dollar index down to 99.56 and sent gold up 2.4% to $4,343. Soft data cuts against the Fed's hawkish stance and is slightly supportive for risk assets.

Bitcoin continues to lag equity-adjusted risk despite the weekly bounce, with its ratio to S&P 500 E-mini futures sitting near 8.42 (BTC ~$65.2K / ES ~7,745), still below the ~9.0 reference floor.