Bitcoin Stalls Near $80K Amid Weakening ETF Demand
Bitcoin's price stalled near $80,000 on August 31 as it briefly surpassed $81,000 before falling back to around $78,545. This pullback coincided with weakening signals from spot ETF demand, rising Bitcoin reserves on Binance reaching a 2026 high of about 687,000 BTC, and reduced stablecoin liquidity on exchanges.
The near-term price battle centers on support around $77,000 and resistance at $80,000, with investors watching ETF inflows and exchange supply closely amid a more hawkish Fed outlook and typical September caution in crypto markets. Markets are pricing a 60% chance of a Federal Reserve rate hike in September, creating further pressure on risk assets like Bitcoin.
Bitcoin's price rally in August was its strongest since 2017, driven by $1.92 billion inflows into U.S. spot Bitcoin ETFs and $6.55 billion in short liquidations.