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U.S. spot Bitcoin ETFs attracted roughly $770 million in net inflows during the first four trading days of September, with Sept. 3 delivering the strongest single-day total since January at $730.8 million. BlackRock’s IBIT led the buying with about $454 million, while total ETF assets climbed above $103 billion. The institutional demand came even as Bitcoin slipped below $80,000 to $79,622.23, pressured by a strong August jobs report that raised the odds of a September Federal Reserve rate hike. Fed Governor Christopher Waller had briefly eased pressure by suggesting he could support holding rates steady if inflation cools. The next major catalyst is the August CPI report on Sept. 11, with technical resistance near $82,793 and support in the mid-$70,000s. Ethereum ETFs also saw renewed inflows, reinforcing a broader pattern of strengthening crypto ETF demand.
Key Elements
Spot Bitcoin exchange-traded funds in the United States pulled in roughly $770 million during the first four trading days of September, marking one of the strongest openings to a month this year even as the underlying cryptocurrency struggled to hold the $80,000 level.
Net inflows across the funds reached about $769.9 million from Sept. 1 through Sept. 4, according to data compiled by Farside Investors. The buying accelerated sharply midweek, with Sept. 3 producing $730.8 million in net inflows — the largest single-day haul since Jan. 14. BlackRock’s iShares Bitcoin Trust (IBIT) dominated that session with approximately $454 million, followed by ARK 21Shares’ ARKB at roughly $137.7 million and Fidelity’s FBTC at $74.4 million.
The month began on weaker footing, with about $236.5 million in net outflows on Sept. 1 before flows reversed to $101 million of inflows the following day. Another $174.6 million entered the funds on Sept. 4, bringing total assets across spot Bitcoin ETFs above $103 billion, equivalent to more than 6% of Bitcoin’s market capitalization.
The four-day stretch follows an August in which the funds attracted about $3.52 billion, their strongest month of 2026. The sustained institutional appetite contrasts with Bitcoin’s historical tendency to underperform in September.
Rate Expectations Shape the Narrative
The ETF inflows coincided with shifting expectations for Federal Reserve policy. Fed Governor Christopher Waller said on Sept. 3 that he would be “inclined to support holding the target for the federal funds rate at its current setting” if inflation continues to cool. Bitcoin briefly surged above $81,000 following those remarks as Treasury yields and the dollar eased.
That relief was short-lived. A stronger-than-expected U.S. jobs report showing 162,000 new positions in August pushed market-implied odds of a September rate hike back toward 60%, according to trading data. The 10-year Treasury yield initially jumped before settling near 4.77%. Bitcoin subsequently fell to $79,622.23, a 2.1% daily decline, with the relative strength index holding above neutral and Bollinger Bands widening.
The next major catalyst is the August consumer price index report due Sept. 11, followed by the Fed’s policy decision days later. Galaxy Research has highlighted the 50-week moving average near $81,000 as a key technical level. A sustained break above resistance near $82,793 could reopen a path toward $90,000, while failure to hold current levels leaves the mid-$70,000s as an important support region.
The institutional buying was not limited to Bitcoin products. Spot Ethereum ETFs logged $8.6 million of net inflows on Sept. 1 before posting $48.2 million of net outflows on Sept. 2. They then rebounded with $141.4 million on Sept. 3 and another $25.9 million on Sept. 4. Solana ETFs showed more mixed flows over the same period.
The broader pattern suggests crypto ETF demand strengthened as September began, even without a sustained breakout in underlying token prices. The rally originally accelerated after the U.S. Treasury said it would increase liquidity-support buybacks of longer-dated government debt, a move that weakened the dollar and revived demand for scarce assets such as Bitcoin and gold. Bitcoin subsequently climbed roughly 30% from the low-$60,000s.
CoinShares has characterized the move as Bitcoin trading “like gold again,” with concerns around U.S. fiscal sustainability and sovereign debt supporting the appeal of non-government stores of value. MSB Intel data showed only 12.7% of 4,364 recorded daily closes above $70,000, underscoring how unusual the current price range remains.
Bitcoin now finds itself caught between two powerful forces: institutional ETF demand that shows no sign of abating, and a bond market still worried about inflation that could keep the Fed from easing. Whether the cryptocurrency can reclaim and hold $80,000 may depend less on crypto-specific headlines than on whether upcoming inflation data allows the central bank to stop tightening.
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Source: finance.biggo.com