Key Points:
- Bitcoin opened at $81,271.92 on Friday, September 4, up 5.1% from Thursday’s opening price, and was trading near $81,240.29 at 7:21 a.m. ET.
- U.S. spot Bitcoin ETFs attracted $730.9 million on September 3, their largest single-day inflow since January 14.
- Ethereum opened at $2,507.70 and reached $2,522.14 by 7:21 a.m. ET, while both assets remained sensitive to Federal Reserve policy expectations and the August jobs report.
Bitcoin entered Friday above $81,000, extending a sharp recovery as institutional flows into U.S. spot Bitcoin ETFs reached their strongest level in months. The move also lifted Ethereum and a broad group of altcoins, highlighting how monetary-policy expectations, ETF demand and improving risk sentiment are again becoming important drivers of the digital-asset market.
Bitcoin Reclaims $81,000 as ETF Demand Accelerates
Bitcoin opened Friday at $81,271.92, 5.1% above Thursday’s opening price, before trading at approximately $81,240.29 at 7:21 a.m. ET. The cryptocurrency had also briefly moved above $82,000, reaching its highest level in almost four months and reinforcing the significance of the latest recovery.
The strongest fundamental signal came from U.S. spot Bitcoin ETFs. The funds recorded $730.9 million in net inflows on September 3, their largest one-day intake since January 14, when inflows reached $843.6 million. BlackRock’s iShares Bitcoin Trust led with approximately $454 million, accounting for more than 60% of the day’s total, while ARK 21Shares and Fidelity’s products also recorded substantial inflows.
Ethereum Joins the Broader Crypto Recovery
Ethereum also benefited from the renewed demand for digital assets. ETH opened at $2,507.70 Friday, 4.9% above Thursday’s opening price, and rose to approximately $2,522.14 by 7:21 a.m. ET.
Market performance extended beyond the two largest cryptocurrencies. XRP gained more than 6% over 24 hours, while BNB, Solana and Cardano also advanced. Privacy-focused assets were particularly strong, with Zcash and Dash among the largest gainers in the broader market.
The breadth of the advance matters because it suggests that the move was not solely an ETF-driven Bitcoin trade. However, the concentration of ETF flows in a small number of products also indicates that institutional demand remains particularly focused on regulated Bitcoin exposure.
Fed Expectations Remain a Critical Macro Driver
The rally followed comments from Federal Reserve Governor Christopher Waller, who indicated that he could support leaving interest rates unchanged at the September meeting if incoming inflation data continues to moderate. Markets subsequently reduced expectations for an immediate rate increase, creating a more supportive backdrop for higher-risk assets.
Bitcoin’s sensitivity to interest-rate expectations remains important. Lower expected rates can reduce the relative appeal of cash and fixed-income instruments while improving liquidity conditions for risk assets. The VIX was around 14, indicating relatively subdued expectations for near-term equity-market volatility.
The Jobs Report Could Test the Rally
The immediate macro catalyst was Friday’s U.S. August employment report. Before its release, markets expected unemployment to remain around 4.1%, with approximately 53,000 jobs anticipated to have been added.
A softer labor-market reading could reinforce expectations that the Federal Reserve will maintain or eventually ease policy, while stronger employment data could revive concerns about inflation and higher rates. That makes the relationship between ETF flows and macroeconomic data particularly important: strong institutional demand provides support, but the broader liquidity environment can still alter cryptocurrency valuations quickly.
For crypto investors and institutions, the next test is whether Bitcoin can sustain levels above $81,000 after the initial ETF-driven surge. Continued creations, stable derivatives positioning and supportive monetary-policy expectations would strengthen the recovery narrative, while a reversal in ETF flows or renewed Treasury-yield pressure could expose the market’s remaining sensitivity to macroeconomic conditions.
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