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Bitcoin Stays Near $80,000 as ETF Inflows Return Ahead of Fed Signals

Traders weigh a possible December rate hike, inflation worries and weak confidence among some long-term holders as the cryptocurrency's recovery stalls.

By idly desk · from 1 report · · 2 min read
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Image: Gadgets 360

The gist

Story
  • Bitcoin is trading around the $80,000 level, according to reports from Gadgets 360.
  • US spot Bitcoin ETFs logged consecutive days of inflows after earlier withdrawals.
  • Rising expectations of a December rate hike and inflation concerns could cap any recovery.

What's new

Bitcoin is holding close to $80,000 as investors look ahead to the US Federal Reserve's next policy move. According to Gadgets 360, the Fed recently kept its benchmark rate in a range of 3.75 to 4 percent, though the decision was split among policymakers. Spot Bitcoin exchange-traded funds in the US have since recorded several straight sessions of new money coming in, offsetting earlier days of outflows.

Why it matters

ETF flows are closely watched as a gauge of institutional appetite for bitcoin, and the return of inflows suggests some demand is recovering. Yet the same reports point to headwinds. Expectations of a rate increase in December, combined with inflation concerns, could make risk assets less attractive, and this may limit how far prices climb from current levels.

What others say

Gadgets 360 described institutional confidence as still fragile, noting that the market is also reacting to global equities and economic data. Both of its reports framed the outlook as dependent on the Fed's direction rather than on crypto-specific news.

What we don't know yet

The reports do not say how long the ETF inflows will last or whether the Fed will move rates in December. Forecasts for the bitcoin price beyond the near term are not provided in the sources.

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