US Demand Weighs on Bitcoin as Breakout Fades

Bitcoin's recent breakout above $80,000 has lost momentum due to choppy demand from US investors.

The US-listed spot Bitcoin exchange-traded funds (ETFs) saw an increase in inflows in August but have proven inconsistent, with two days of sizable outflows in the past week.

Another sign of weak American demand is the seven-day average of the Coinbase premium, which compares prices on the country's largest exchange to international platforms. This premium has been negative for over four months, despite last month's rally not being enough to push it positive.