Bitcoin ETFs Attract Nearly $1 Billion, Yet BTC Remains Below $80,000

Spot Bitcoin exchange‑traded funds (ETFs) recorded $924 million in net inflows from August 24 to August 28, with BlackRock’s iShares Bitcoin Trust (IBIT) contributing $938 million, according to SoSoValue data. Despite the strong demand, Bitcoin’s price stayed below the $80,000 level.

ETF Inflows and Institutional Demand

During the same period, spot Ether (ETH) ETFs added $824 million, also led by a BlackRock product (ETHA), extending its inflow streak to ten consecutive trading days. Both Bitcoin and Ether ETFs have attracted notable institutional interest.

Fed Policy as a Price Drag

The price stagnation is linked to recent Federal Reserve commentary. At the August 28 Jackson Hole Economic Policy Symposium, Fed Chair Kevin Warsh highlighted inflation concerns and did not rule out a rate hike, prompting Bitcoin to slide from around $79,500 to below $77,000. Traders are now pricing higher odds of a rate increase at the September Fed meeting.

Technical Resistance

On‑chain analytics firm CryptoQuant notes that Bitcoin’s 365‑day moving average sits near $83,000. The cryptocurrency has repeatedly failed to close above this level, which is viewed as a key bull‑market confirmation.

ETF Flow Dynamics

The nine‑day inflow streak for Bitcoin ETFs ended on August 28, when funds recorded a $201.81 million net outflow. Nevertheless, August remains the strongest month on record for Bitcoin ETFs, with over $3 billion in net inflows for the year.

Outlook

Future price movement may depend on the Fed’s policy trajectory and Bitcoin’s ability to break and stay above its 365‑day moving average.