BTC Stuck Below $80,000 as ETFs Pull In Near $1 Billion

Bitcoin spot exchange-traded funds (ETFs) recorded $924 million in net inflows from Aug. 24 to Aug. 28, led by BlackRocks iShares Bitcoin Trust (IBIT) with $938 million.

This demand did not translate into a price surge for BTC, which stayed stuck below $80,000. Spot Ether (ETH) ETFs also added $824 million over the same period, with BlackRocks ETHA fund leading the category and extending its own inflow streak to 10 straight trading days.

The stall in Bitcoin's price is largely attributed to Federal Reserve Chair Kevin Warsh's hawkish keynote at the Aug. 28 Jackson Hole Economic Policy Symposium, where he warned that inflation remained a bigger concern than the labor market and declined to rule out a rate hike.

This warning led to traders pricing in higher odds of a hike at the Fed's September meeting, causing Bitcoin to slide from around $79,500 to below $77,000. Bitcoin also faces a longer-term technical hurdle, as on-chain analytics firm CryptoQuant has pointed to a bull market confirmation tied to BTC's 365-day moving average near $83,000.