Bitcoin is currently trading near $78,257 after failing to maintain a position above the $80,000 threshold. On-chain data indicates a reduction in selling pressure, as holders have largely ceased selling at a loss. The Long-Term Holder SOPR metric currently stands at 1.2, and accumulation addresses now control approximately 2.3 million BTC.
The recent market rebound has been primarily driven by futures traders, while spot market demand remains neutral. The 90-day Cumulative Volume Delta for spot markets shows no significant increase. Meanwhile, Binance stablecoin reserves have seen an inflow of $1.6 billion over the past month, recovering from a previous decline to reach a 90-day change of -1.6%.
Institutional interest remains a key support factor, with US-listed Bitcoin ETFs recording $986.9 million in inflows during the week ending September 4. This marks a three-week streak of positive inflows, totaling approximately $3.8 billion. However, analysts note that elevated whale deposit ratios and a negative Coinbase Premium persist as cautionary signals.
Macroeconomic factors continue to influence market sentiment. August payroll data reached 162,000, significantly higher than the 53,000 consensus, which pushed the probability of a September rate hike to nearly 60%. Investors are now awaiting US CPI data on September 11 and the Federal Reserve meeting scheduled for September 15–16.
