Bitcoin tops $82,000 as spot ETFs see $730M inflow day

Bitcoin ↗ 0.23% climbed above $81,000 on Thursday, its highest intraday level since May, after Federal Reserve Governor Christopher Waller signaled he would support holding interest rates steady at the central bank's upcoming meeting. The rally swept across risk assets, driving spot Bitcoin ETF inflows to their highest single-day level since January and lifting crypto-related stocks sharply.

Waller's Dovish Pivot Sparks Broad Rally

The move was triggered by comments Waller made at a Reuters event in Washington, where he said that "recent data suggest we are finally seeing some signs of disinflation" and that he would support keeping the federal funds rate unchanged if the trend continued in data due over the next two weeks. The remarks represented a less hawkish tone than Fed Chair Kevin Warsh's speech at the Jackson Hole conference last week.investing

Market pricing reflected the shift immediately. The CME FedWatch tool showed odds of a September rate hike dropping to roughly 50% from above 63% earlier in the week. Bitcoin surged from overnight lows below $77,000 to briefly touch nearly $81,400. The benchmark 10-year Treasury yield fell 2.2 basis points to 4.772%, easing from its highest level since November 2023.bitcoinfoundation+2

ETF Inflows and Crypto Stocks Surge

Spot Bitcoin exchange-traded funds recorded $730.9 million in net inflows on Thursday, the largest single-day total since mid-January, according to SoSoValue data. BlackRock's ↗ 0.70% iShares Bitcoin Trust ↘ 0.35% alone accounted for roughly $454 million of the total. Cumulative net inflows into U.S.-based spot Bitcoin ETFs have now reached $55.44 billion.benzinga+1

Crypto-linked equities rallied in tandem. Robinhood ↗ 3.21% jumped more than 14%, Circle ↘ 2.30% rose over 13%, Strategy ↗ 0.40% gained more than 10%, and Coinbase ↘ 1.51% advanced over 8%. The broader crypto market added 4.7% on the day to $2.82 trillion, with Ethereum ↗ 0.28% up about 5% and Solana ↗ 0.40% rising nearly 6%.moomoo+1

Sustainability Questions Linger

Not everyone is convinced the rally marks a durable turning point. "My base case is that Bitcoin may have formed an important local bottom, but the cycle turn remains unconfirmed," Nicolai Søndergaard, senior research analyst at Nansen, said. About $164 million in short positions were liquidated in four hours during Thursday's move, suggesting forced buybacks helped amplify the rally. The Senate's September 15 cloture vote on the CLARITY Act, which would establish a regulatory framework for digital assets, looms as the next scheduled catalyst.investopedia+2