Crypto
Bitcoin Slips Below $77.5K as Macro Pressure Outweighs ETF Inflows
Bitcoin's price slipped below $77,500 on September 1 as macroeconomic pressures overcame inflows into US spot exchange-traded funds (ETFs).
The price fell by 1.6% in the past 24 hours after reaching an intraday high of $79,225.
Rising oil prices and higher bond yields added to the pressure on Bitcoin, making interest-bearing government securities more attractive compared to the cryptocurrency.
Despite strong inflows into US spot ETFs totaling $216.7 million during the latest completed session, with BlackRock's IBIT accounting for $205.9 million of that amount, macroeconomic factors outweighed this institutional demand.