Bitcoin climbed above the $80,000 threshold on Thursday, marking a 4.8% gain as buying pressure intensified during the morning session. The cryptocurrency was trading at $80,984.62 by 12:48 EDT, according to data from Yahoo Finance, after reaching a high of $81,351.02 earlier in the day. The token had dipped to a low of $76,993.97 in the preceding session.
The advance stands out not just for its magnitude but for its underlying composition. Unlike previous rallies, this move was not fueled by a surge in leveraged positions. Open interest in bitcoin futures and perpetual contracts fell by 1.8% over the week to $38.6 billion, with perpetual funding rates remaining flat, according to data from K33 cited by The Block. Perpetual open interest hovered near its lowest level in four months, suggesting that Thursday's rally was driven by genuine spot buying rather than speculative derivatives activity.
Spot demand was clearly visible in the flow data. U.S. spot bitcoin exchange-traded funds recorded net inflows of $101.1 million on September 2, according to Farside Investors. This partially offset the $236.5 million in outflows seen the previous day. Notably, BlackRock's IBIT attracted $115.4 million, while Fidelity's FBTC added $30.4 million. Bitwise's BITB and VanEck's HODL also saw modest inflows of $7.3 million and $4.2 million, respectively. However, Grayscale's GBTC experienced a significant outflow of $56.2 million, nearly offsetting half of the day's net gains.
The broader crypto market participated in the rally, with XRP leading the charge with an 8.1% gain. Ether advanced 4.3%, and Solana rose 4.2%, according to Yahoo Finance data. This broad-based strength indicates that the rally was not confined to bitcoin alone, though bitcoin's move past $80,000 remains the headline event.
Market strategists pointed to resilient buying interest amid a challenging macroeconomic backdrop. Joel Kruger, a strategist at LMAX Group, told The Block that "dips continue to attract demand," calling bitcoin resilient in the face of global uncertainties. The cryptocurrency's ability to recover swiftly from Wednesday's low of $76,993.97 underscores the strength of spot demand.
Looking ahead, the upcoming U.S. employment report on Friday is poised to be the next major catalyst. A robust jobs number could renew pressure on interest rates, which would likely impact speculative assets like bitcoin. Currently, the 10-year Treasury yield stands at 4.75%, having slipped slightly, while Brent crude oil rose 1.1% to $96.72 per barrel, according to the Associated Press.
Despite Thursday's surge, bitcoin remains significantly below its October high of $126,198. The sustainability of this rally will depend on continued spot inflows and the absence of forced liquidations. A return of ETF outflows or a spike in yields could quickly undermine the breakout.
In the equities space, bitcoin-related stocks showed mixed performance. BitMine shares gained 0.2% on the day, while MARA Holdings, which had surged 22% alongside bitcoin earlier, reversed course with a $466 million loss on Friday. Strategy, formerly MicroStrategy, saw its paper profits rise with bitcoin's price, though dilution concerns persist.
As the market digests these developments, traders will be watching closely to see whether spot demand can sustain the momentum or if leveraged positions will re-enter the fray. The coming days will be crucial in determining whether bitcoin can hold above the $80,000 level and potentially challenge higher resistance zones.
