NFP Report Looms Large Over Bitcoin Price Action
Bitcoin (BTC) is trading sideways around $77,700 on Thursday after its sharp rally in August. Institutional demand supports this price action, but spot Exchange Traded Funds (ETFs) recorded mixed flows so far this week.
SoSoValue data showed that spot BTC ETFs recorded inflows of $216.70 million and $101.15 million on Monday and Wednesday respectively, while outflows of $201.81 million last Friday and $236.46 million this Tuesday were also reported. These mixed flows reflect cautious institutional positioning amid growing geopolitical tensions.
Investors are awaiting the release of the crucial US Nonfarm Payrolls (NFP) report on Friday, which will provide more cues on the Federal Reserve's future policy path and determine the next leg of BTC's directional move.