Bitcoin Soars Past $65k on Weak NFP Data and Institutional Inflows

Bitcoin's price surged past $65k on Saturday, marking its highest point in August so far. This uptrend comes amidst easing geopolitical tensions and a weaker-than-expected US non-farm payroll report for July.

The nonfarm payrolls fell by 23,000, below forecasts of an 85,000 gain, indicating the first monthly decline since February. This data led to a sharp drop in expectations for a Federal Reserve rate hike in September, with the probability decreasing from 55% to 42%.

Notably, this rally was accompanied by a fifth consecutive day of net inflows into US spot Bitcoin ETFs, totaling $98.85 million on August 7. BlackRock's IBIT ETF led the trend with a daily net inflow of $86.71 million, pushing its total historical net inflow to an impressive $61.17 billion.

The surge in institutional interest is reflected in the total net asset value of Bitcoin spot ETFs, which stands at $79.50 billion. This represents a significant market capitalization ratio of 6.1% relative to the overall Bitcoin market cap.