Spot Bitcoin ETFs See $924M Weekly Inflows as Hawkish Fed Stalls BTC Below $80K
US spot Bitcoin ETFs pulled in nearly $1 billion last week, led by massive allocations into BlackRock's IBIT. Yet Bitcoin price action remains pinned below $80,000 as hawkish Federal Reserve commentary dampens bullish momentum. A failure to clear the key 365-day moving average keeps traders cautious despite record August institutional demand.
Institutional capital keeps flooding into spot crypto products, with US spot Bitcoin ETFs gathering $924 million in weekly net inflows led by BlackRock's dominant IBIT fund. Spot Ether ETFs mirrored the aggressive demand, adding $824 million over the same period as institutional desk appetite remains fierce.
Despite the surge in buy-side volume, spot price action ran directly into a macro brick wall. Hawkish comments from Federal Reserve leadership at Jackson Hole stoked fear of higher rates, knocking Bitcoin off its $79,500 local high down toward $77,000.
Technical resistance is compounding macro headwinds. On-chain metrics show Bitcoin continuously failing to secure a daily close above its 365-day moving average near $83,000, creating a key glass ceiling for momentum traders.
While a single-day outflow ended a nine-day streak, August stands out as the strongest month of the year for spot products with over $3 billion captured. Whether bulls can break $80,000 hinges on whether macro jitters settle or technical resistance forces a deeper retest of liquidity.