Bitfinex said Bitcoin has remained above $77,100 even as the macro backdrop has turned tighter. The firm said BTC pulled back from above $81,000 after Federal Reserve Chair Warsh delivered a hawkish speech at Jackson Hole last week, but argued that August’s advance was driven mainly by spot buying rather than excessive leverage. It pointed to a gradual rise in open interest and a relatively contained basis as signs of that positioning. Bitfinex also highlighted nearly $1 billion in net inflows into U.S. spot Bitcoin ETFs last week, alongside $815.7 million in net inflows into Ethereum investment products over 10 straight days. On the macro side, U.S. PCE inflation came in at 3.7%, core inflation at 3.3%, annualized private demand growth in the second quarter reached 4.2%, and the fiscal deficit for the first 10 months of the current fiscal year hit $1.8 trillion. Warsh said the 2% inflation target remains a hard constraint, while markets raised the probability of a September rate hike to 57%. According to Bitfinex, ETF flows and stablecoin liquidity are still supporting prices, though rate hike expectations are limiting further gains.
According to ChainCatcher, Bitfinex said in a market note that Bitcoin has held above $77,100 despite a tighter macro backdrop.
Bitfinex said BTC fell back from above $81,000 after Federal Reserve Chair Warsh delivered a hawkish speech at Jackson Hole last week. Even so, the firm said August’s gains were driven mainly by spot buying rather than excessive leverage, citing a gradual increase in open interest and a relatively restrained basis.
On flows, U.S. spot Bitcoin ETFs recorded nearly $1 billion in net inflows last week. Ethereum investment products posted $815.7 million in net inflows over 10 consecutive days.
Bitfinex also listed several macro readings: U.S. PCE inflation at 3.7%, core inflation at 3.3%, annualized private demand growth of 4.2% in the second quarter, and a fiscal deficit of $1.8 trillion in the first 10 months of the current fiscal year. Warsh said the 2% inflation target is a hard constraint, and the market raised the probability of a September rate hike to 57%.
Bitfinex said ETF flows and stablecoin liquidity continue to support prices, but expectations for higher rates are limiting upside. If crypto inflows remain resilient, that would show underlying demand is still firm.
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