Bitcoin Holds Near $80K as Fed Hike Bets Rise and ETF Inflows Continue

Bitcoin (BTC) hovered around $79,105 on Monday after retreating from levels above $82,000 reached last week. Despite stronger-than-expected US employment data and rising Treasury yields, Bitcoin has remained relatively resilient.

The August US jobs report showed that employers added 162,000 jobs, well above expectations of 55,000. The unemployment rate remained unchanged at 4.1%. This led to increased expectations of a Federal Reserve interest rate hike at its Sept. 16 meeting.

CME's FedWatch tool showed an implied probability of around 60% for a 25-basis-point hike. However, Bitcoin has continued to attract investor demand, with US spot Bitcoin ETFs recording $987 million in inflows last week.

Onchain indicators have also provided a constructive signal, with CryptoQuant analyst Axel Adler Jr. noting that Bitcoin's 30-day change in realized capitalization turned positive on Aug. 24 after 87 days in negative territory.