Friday 5 September. Bitcoin loses the $80,000 print after an intraday look above $81,000. Bloomberg’s low: $79,197. The same week, US spot ETFs still print large inflows. SoSoValue’s Thursday is on the order of $731 million, IBIT in front. The week later sums near $987 million. Two queues. Two clocks.

The jobs report did the tape: 162,000 payrolls, a 10-year toward 4.80%, a Fed less eager to cut. We unpack it on the finance desk. Here we hold the split. The spot book flushed longs. The ETF window still created shares.

Two files

A net inflow is not a market-buy on Binance. An authorised participant creates shares against bitcoin in custody. The cash can arrive while the future dumps. That is not a paradox. It is two venues.

Year to date the same products are still negative on some tallies, near minus $1 billion, even after a strong August (~$3.5 billion). A week of green does not paint the year.

Under $80,000 on the tape. Still buying at the window. File both. Do not pick a hymn.— The newsroom

For a French wallet this is not a PEA. Copying IBIT’s day is not a method. Miners read another meter: hashprice. DeFi reads utilisation on wrapped bitcoin.

What is held, what is not

  • Held: Friday’s break under $80,000, the Bloomberg low, large ETF inflows in the same week, IBIT in front, a hot jobs print.
  • Not held: that ETFs “defended” the level. A floor. A target. A buy-the-dip note.

We will reread the week when CPI lands. Until then: a round number lost, a window that still opened.

Sources: Bloomberg, SoSoValue, BLS. Nothing here is investment advice.