Bitcoin Treads Water at $80K Amid Rate Hike Risks and ETF Inflows
Bitcoin hovered around $79,000 to $80,000 after significant institutional buying, driven by major funds like BlackRock and ARK 21Shares. U.S. spot Bitcoin ETFs saw their largest inflow since January, totaling $730.9 million, pushing total ETF assets above $103 billion.
However, Bitcoin's gains were tempered by a stronger-than-expected U.S. jobs report that increased the likelihood of a Federal Reserve rate hike, causing Treasury yields to rise and putting pressure on Bitcoin as a risk asset.
The next key event for Bitcoin's price direction is the upcoming August CPI report and the Fed's decision, which will influence whether Bitcoin can sustain a breakout above $80,000.