Bitcoin was trading almost flat at $77,700 as crypto traders awaited Friday’s U.S. jobs report. The data could influence expectations for the Federal Reserve’s next major move. Ethereum was also holding near $2,400.
The market was in a wait-and-see mode ahead of the employment release. Bitcoin’s limited move and Ethereum’s similarly quiet trading reflected a period of caution as traders looked for a clearer signal from the U.S. data.
Friday’s report could either reinforce or alter the market’s view of the policy outlook. For crypto traders, that makes the release a key focus while Bitcoin remains near its current level.
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Why Crypto ETF Demand Matters
The flat price action comes alongside signs of resilience in Bitcoin holdings. About 68% of all Bitcoin in circulation is currently in profit despite global uncertainty. That measure indicates that a substantial share of the supply is above its purchase price.
At the same time, demand for Bitcoin ETFs has become less consistent after strong inflows in August. The pattern hints that large investors have been less active lately, even as Bitcoin has held near $77,700.
Avinash Shekhar, the CEO of Indian Crypto Exchange, has urged a cautious approach to Bitcoin accumulation. He said investors may benefit from seeking confirmation instead of chasing sudden price moves, and suggested gradual accumulation at defined levels while watching trading volumes and Bitcoin’s ability to sustain higher levels.
The combination of profitable Bitcoin supply and less consistent ETF demand describes a market with signs of resilience but without the same steady demand seen during the August inflow period.
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Bitcoin near $77,700: the snapshot, and its limits
The available snapshot as of September 3 shows Bitcoin near $77,700 and down 0.1%, Ethereum near $2,400, roughly 68% of Bitcoin supply in profit, and ETF demand becoming less consistent after August’s strong inflows. Markets also see a 64% chance of a Fed rate hike.
The supplied information does not identify confirmed support or resistance levels, moving-average signals, or a specific breakout threshold. The available evidence instead points to a market waiting for the jobs report and its possible effect on expectations for the Fed.
Friday’s Bureau of Labor Statistics release could shift expectations around the Fed’s next move. That possibility is why traders are focused on the report while Bitcoin remains near $77,700.
Geopolitical tensions add risk alongside possible Fed rate hikes. The supplied evidence says that any price breakout could set the next trend for crypto, while the market’s current position remains one of caution ahead of the jobs data.
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The post Bitcoin Waits for Jobs Data as ETF Demand Cools appeared first on Cryptonews.
