Bitcoin Slips Below $80K as Strong Jobs Report Reverses Market Momentum

Bitcoin's price has slipped below $80,000, despite strong institutional demand and near-$1 billion inflows into spot Bitcoin ETFs. The decline comes as a stronger-than-expected U.S. August jobs report revived expectations that the Federal Reserve could hold rates higher for longer.

The data triggered a wave of long liquidations, adding pressure to the market and outweighing the steady institutional demand. According to CoinMarketCap, BTC is currently trading at $79,631, down 1.63 percent over 24 hours.

BlackRock's IBIT led the buying, pulling in $454 million on September 3 alone and another $117 million the following day while BTC traded near $80,000. The firm has pushed total BTC ETF net assets above $100 billion, reversing outflows seen earlier in the year.

CoinShares suggests that two realistic paths could help trigger a breakout: a resolution to the Iran conflict that lowers oil prices and cools inflation expectations, or further erosion in confidence around U.S. sovereign debt, which would push more demand toward non-sovereign stores of value like Bitcoin.