ETF inflows have returned, but the macro backdrop is still limiting BTC’s upside.
BTC is trading around $77,700 on Thursday. It has gained about 0.4% over the past 24 hours and around 1.4% over the past week.
Bitcoin has stabilized after a volatile start to September and is holding above the $77,000 area. Following an almost 25% rally in August, the cryptocurrency has so far failed to regain a firm foothold above $80,000, but the correction has also lost momentum. Easing pressure in the bond market has helped risk assets, although BTC remains highly sensitive to expectations around Federal Reserve policy.
A positive signal has come from renewed demand for US spot Bitcoin ETFs. Preliminary data for 2 September showed around $101 million in net inflows, following an outflow of roughly $236.5 million a day earlier. BlackRock’s IBIT attracted about $115 million, while GBTC saw approximately $56 million in outflows. August overall was the strongest month of 2026 for Bitcoin ETFs, with net inflows reaching around $3.52 billion.
The fundamental balance remains moderately positive. Institutional inflows have returned, August showed strong underlying demand for BTC, and the market is holding up well after a powerful monthly rally. However, a sustained move above $80,000 will likely require either a further easing in Fed expectations or continued strong ETF inflows. Until then, consolidation with elevated sensitivity to US macro data remains the most likely scenario.
