Bitcoin traded in a narrow range as traders remained cautious ahead of a busy week for macroeconomic data. Market participants will focus on this week’s US labour market data, particularly Friday’s nonfarm payrolls report, which could reshape expectations for Federal Reserve policy.
Markets currently anticipate one rate hike before year-end, and any surprise in the employment data could influence Treasury yields and Bitcoin’s short-term direction.
In terms of ETF flows, July ended with net inflows of roughly USD 173 million, marking a return to positive territory after the heavy outflows recorded in May and June.
However, investment flows were mixed during the previous month, highlighting a fragile sentiment. August started on a stronger footing, with the first trading session attracting USD 170 million in inflows.
On the corporate level, Strategy sold 1,638 Bitcoin during the past week. Additional sales could weigh on sentiment. Meanwhile, geopolitical uncertainty in the Middle East limits risk appetite. Looking ahead, investors could continue to monitor any progress on the regulatory front ahead of the US Senate’s August recess. Another delay in advancing the CLARITY Act could weigh on the crypto market.
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