Bitcoin Resilient Amid Strong Labor Data as Spot ETF Inflows Reach $3.8 Billion
Bitcoin's performance has been resilient in the face of stronger-than-expected US labor market data, ending the week above $80,000. Wintermute analysts pointed out that a key resistance level for bitcoin is $82,000, and a drop below $72,000 would be a signal to reassess the current scenario.
The crypto market has continued to attract capital via spot ETFs, with inflows totaling $987 million over the week, marking the third positive week in a row. Cumulative inflows over this period have reached about $3.8 billion. In contrast, Ethereum ETF inflows slowed to $215 million.
Altcoin recovery remains narrow, but DePIN and AI sector tokens are posting gains. Wintermute highlighted Uniswap and Arbitrum as individual assets showing promise. Another factor affecting the crypto market will be the end of gas subsidies on Robinhood Chain in late September, which may test whether current activity holds up once incentives end.
Wintermute noted that roughly 340 days after its all-time high, bitcoin is trading about 50% below its peak. This drawdown is shallower than those seen in previous cycles, with the firm attributing this to earlier participation from ETFs and institutional capital. The current dynamics may be tied not only to changing macroeconomic expectations but also to a reallocation of capital across asset classes.
Looking ahead, key events will include the release of the US Consumer Price Index on September 11 and the Fed meeting on September 15-16. Large token unlocks are also scheduled for the second half of the month.