Bitcoin spent the weekend below $78,000 after Federal Reserve Chair Kevin Warsh told Jackson Hole that inflation still has "work to do." The coin had opened Friday near $80,260, tapped a weekly high above $81,400, then sold off to a session low around $76,850 before finding buyers above $77,000. By Sunday morning it was hovering near $78,100, still about 3% under Thursday's close. The nine-day buying streak that powered the break above $80,000 is over.
U.S. spot Bitcoin ETFs posted about $202 million of net outflows on Friday, according to SoSoValue and Farside Investors, a $444 million swing from Thursday's $242 million of inflows. ARK 21Shares ARKB led with $114.9 million of redemptions, followed by Bitwise BITB at $49.7 million and BlackRock IBIT at $33.4 million. Morgan Stanley's MSBT was the only product in the green, adding $9.3 million. Total fund assets fell to about $97.6 billion after topping $100 billion on Thursday.
One red day does not unwind August
The nine-session haul from 17 August was about $3.04 billion. Friday's outflow is roughly 7% of that run. August is still positive at about $3.3 billion with one U.S. session left, and the 24-28 August week still took in $924.5 million. Bitcoin is also still up about 23% since 15 August. The tape that matters now is whether Monday and Tuesday print another outflow. Two or three red sessions would say demand has paused after the squeeze. One session says traders marked the Warsh speech and went home for the weekend.
Ether funds did the opposite. Spot Ether ETFs added about $102 million on Friday, stretching their inflow streak to 10 sessions, and XRP products took in $26.2 million. The split is useful: the debasement bid that lifted both majors into Jackson Hole is still alive in the altcoin wrappers, while the Bitcoin complex took the first punch from higher September hike odds. See how markets repriced the Fed after the keynote.
Levels into the U.S. open
Traders mark $76,500 to $77,000 as nearby support and $80,000 to $80,400 as the reclaim that would put the breakout back on. Funding has cooled from last week's squeeze. The next hard data is U.S. employment and then CPI on 11 September, ahead of the 15-16 September FOMC. Until then, ETF creations and redemptions are the daily tell. Creations force the funds to buy spot. Redemptions force them to sell. Friday was the second of those.