Bitcoin's Bullish Structure Remains Intact Despite Rate Hike Pressure
Bitcoin's price has been maintained by strong demand in both spot and ETF markets, despite some pressure from whale selling and macroeconomic factors. According to Bitfinex analysts, this setup is considered healthy for the cryptocurrency.
In August, Bitcoin gained approximately 25% and more than 40% from its bear market low, briefly reaching $81,500 before being pushed back below $77,000 due to hawkish comments from Fed Chair Kevin Warsh. Despite rising expectations of rate hikes in September, Bitcoin's bullish structure remains intact.
Bitfinex reported that the rally appears increasingly spot-driven rather than fueled by leverage. Open interest has risen gradually to $55.6 billion while futures basis remains contained, even after a record short squeeze on August 19.
The U.S. spot Bitcoin ETFs recorded net inflows of $924.5 million last week, despite outflows of $201.9 million following Warsh's comments. Over two weeks, the ETFs attracted roughly $2.8 billion, with last week's inflows absorbing nearly four times the amount of newly issued Bitcoin.