Bitcoin ETF momentum slows as markets await US employment data
Daily inflows into spot Bitcoin funds declined sharply while traders monitor labour market statistics and options positioning for macro direction.
Inflow momentum into US spot Bitcoin ETFs decelerated significantly following a nine-day streak that accumulated $3 billion. Daily net purchases dropped by 96% from peak levels near $1 billion to $31 million on Monday. Concurrently, CryptoQuant analyst JA Maartun highlighted potential sell pressure, noting that short-term holders moved roughly 45,054 BTC onto exchanges within a 24-hour span.
Macroeconomic conditions continue to influence price action, contributing to Bitcoin's recent decline from $87,000 to below $84,000. Despite headwinds from elevated Treasury yields, Binance chief executive Richard Teng observed signs of improving investor appetite, while interest rate expectations adjusted following weak employment figures earlier in the week.
Market participants are now focused on Friday's Non-Farm Payroll report to assess whether the Federal Reserve will hold interest rates steady at its late October meeting. CME FedWatch data placed the likelihood of a rate pause at 57%, while Deribit options data revealed elevated open interest in call contracts concentrated at the $90,000, $95,000, and $100,000 strike prices.
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