Bitcoin
Bitcoin Moves Past $78,000 Amid Softer US Jobs Data and ETF Inflows
Bitcoin gained 2.3% to trade near $78,500 following weaker US employment figures, falling Treasury yields, and positive spot ETF inflows.
Bitcoin climbed 2.3% over a 24-hour window to reach approximately $78,500, moving past the $78,000 mark. The advance followed an ADP report showing US private employers added 38,000 jobs in August, missing market forecasts of 47,000 and registering the weakest monthly expansion in seven months. The data lowered the market-implied probability of a 25 basis point Federal Reserve rate hike at the Sept. 15–16 meeting to roughly 62% from over 67%, according to CME FedWatch data.
Macroeconomic pressures further eased as US Treasury yields retreated. The 10-year Treasury yield dropped around four basis points to 4.74%, while the two-year yield declined approximately six basis points to 4.32%. Traders now await the forthcoming US nonfarm payrolls report for additional clarity on labor conditions and monetary policy expectations.
Institutional demand also supported the price increase, with US spot Bitcoin ETFs recording roughly $101.15 million in net inflows on Sept. 2, led by $115.45 million into BlackRock's IBIT, even as Ether, Solana, and XRP funds saw net outflows. In addition, Bitfinex analysts noted that active Bitcoin investors had an estimated average cost basis of $76,350, closely matching the recent local market low near $76,400. Institutional adoption was further reinforced on Sept. 3 when Standard Chartered introduced spot BTC and ETH trading for eligible institutions in the UAE.
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