Bitcoin Reclaims $80,000 After Pause as ETF Inflows Hit Eight Days
Bitcoin briefly topped $81,000 earlier in the week before profit-taking pushed it toward $78,000–$79,000, then recovered above $80,000 on Thursday. U.S. spot Bitcoin ETFs recorded an eighth straight day of net inflows, adding roughly $232 million on Wednesday for a streak total near $2.8 billion; August inflows already exceed $3 billion. Ether ETFs matched the eight-day run. The move follows a roughly 23% weekly gain earlier driven by Treasury Secretary Scott Bessent’s plan to at least double long-dated bond buybacks, which revived “debasement trade” interest.
Background includes strong institutional demand after months of sideways action, with CryptoQuant’s Bull Score rising sharply and spot demand indicators improving. Nvidia’s earnings beat and upbeat guidance provided additional risk-on support, lifting related crypto stocks such as Strategy and Coinbase. BlackRock’s digital assets head noted a strengthening macro case for Bitcoin after record trading volumes in a positive week.
Key tensions center on whether the rally can hold above $80,000–$83,000 resistance amid fading short-term momentum, a large options expiry, and potential hawkish signals from Fed Chair Kevin Warsh. Profit-taking after the sharp run and mixed inflation data leave the sustainability of ETF-driven gains uncertain if rate expectations shift.
Sources: CoinDesk, Cointelegraph, ZeroHedge.
Sticky July PCE Inflation Shifts Focus to Warsh at Jackson Hole
July personal consumption expenditures data showed headline PCE up 0.2% month-over-month (above the 0.1% expectation) and 3.7% year-over-year (above 3.6%), while core PCE rose 0.2% monthly and held at 3.3% annually, matching forecasts. The dollar and Treasury yields rose in response, with stocks range-bound ahead of other catalysts. Personal income and spending data pointed to still-resilient but cautious consumers.
This reading arrives as Fed Chair Kevin Warsh prepares his first Jackson Hole keynote Friday, three weeks before the September FOMC. Markets currently price roughly 60% odds of a hold. Q2 GDP was unrevised at 1.5%, with durable goods orders stronger on the headline. Inflation remains well above the 2% target amid lingering effects from energy, tariffs, and AI-related demand.
Uncertainties include whether Warsh signals patience given labor-market softness or emphasizes the need for higher-for-longer rates. Core details contained some volatile components that may revise, yet the overall stickiness keeps rate-cut hopes muted and supports a firmer dollar, creating cross-currents for risk assets including crypto and gold.
Sources: ZeroHedge, CoinDesk, OilPrice.com.
Nvidia Earnings Beat Lifts Tech and Crypto Sentiment
Nvidia reported fiscal Q2 revenue of $96.2 billion (above ~$92 billion estimates) and adjusted EPS of $2.22 (above ~$2.09–$2.10), guiding Q3 revenue to $108 billion (above ~$104 billion). Shares rose about 8% pre-market. The company projects roughly 70% revenue growth for fiscal 2028, citing AI agent compute needs 15–100 times higher than conventional uses, while noting supply constraints and no China data-center revenue in the outlook. Reports also linked Nvidia to a potential $12.9 billion Hugging Face acquisition.
The results reinforced the AI infrastructure narrative that has supported broader tech and spilled into Bitcoin and mining-related equities. Gross margins are expected to bottom near 71–72% later due to memory costs.
Tensions remain around margin pressure, geopolitical limits on China revenue, and whether sustained AI demand can offset any cooling in broader risk appetite if Fed policy stays restrictive. The beat provided a near-term counterweight to the hotter PCE print.
Sources: CoinDesk, ZeroHedge.