Bitcoin (BTC/USD) is trading at $96,900, down 1.42% over the past 24 hours, as investors await the U.S. Non-Farm Payrolls (NFP) report.
The job data, expected to show 169K jobs added, down from 256K, could significantly influence Bitcoin’s direction. A weaker-than-expected print may fuel speculation of Federal Reserve rate cuts, potentially boosting BTC.
BlackRock’s upcoming Bitcoin ETF launch further highlights growing institutional adoption, supporting long-term bullish sentiment.
Despite volatility, institutional demand for Bitcoin remains strong. Bitcoin ETFs have seen $350 million in inflows over the past 48 hours, signaling renewed confidence.
This trend suggests investors are moving Bitcoin into cold storage, indicating long-term holding sentiment rather than selling pressure.
Additionally, centralized exchanges recorded 17,000 BTC withdrawals, worth over $1.6 billion, marking the largest single-day outflow since April 2024.