Bitcoin Momentum Slows as ETF Interest Cools Ahead of Key Jobs Data

Bitcoin traded around $77,700 with little movement as investors waited for Friday’s U.S. jobs report. The employment figures could play a key role in shaping expectations for the Federal Reserve’s next policy move. Ethereum also remained largely steady near $2,400.

Crypto traders appeared reluctant to take aggressive positions ahead of the data, leaving the market in a holding pattern. Bitcoin’s narrow trading range and Ethereum’s muted performance reflected the broader wait-and-see approach.

The employment report could strengthen the market’s existing view of Fed policy or prompt a shift in expectations. That makes the release a major event for crypto traders, particularly as Bitcoin continues to hover near $77,700.

ETF Demand Shows Signs of Cooling

Bitcoin’s subdued price action comes even as most of its circulating supply remains profitable. Around 68% of Bitcoin is currently held at a price above its acquisition cost, indicating that a significant majority of holders continue to have unrealized gains.

Meanwhile, demand for Bitcoin ETFs has become more inconsistent following the strong inflows seen in August. The change points to more cautious participation from larger investors, although Bitcoin has remained relatively stable near $77,700.

Avinash Shekhar, CEO of an Indian crypto exchange, has advised investors to take a measured approach to Bitcoin accumulation. Instead of chasing sharp price movements, he recommends waiting for confirmation and building positions gradually around predetermined levels. He also highlighted the importance of monitoring trading volumes and Bitcoin’s ability to hold above key price areas.

The combination of profitable supply and weakening ETF momentum suggests that Bitcoin remains resilient, but the market is not experiencing the same level of sustained demand that helped drive August’s inflows.

Bitcoin’s Current Market Picture

Bitcoin was trading near $77,700 on September 3, down roughly 0.1%, while Ethereum remained around $2,400. About 68% of Bitcoin’s circulating supply was in profit, while ETF demand had become less consistent after August’s strong performance. Markets were also assigning a 64% probability to a Fed rate hike.

The available data does not establish a specific support or resistance zone, moving-average signal, or confirmed breakout level. Instead, the market’s immediate attention remains on Friday’s jobs report and its potential impact on expectations for U.S. monetary policy.

The Bureau of Labor Statistics release could alter the outlook for the Fed’s next decision and potentially influence the direction of risk assets. Until the figures are published, traders may continue to limit their exposure as Bitcoin remains close to $77,700.

Geopolitical tensions add another source of uncertainty to an already cautious market. If the jobs data triggers a decisive price move, it could help establish Bitcoin’s next trend. For now, however, traders appear to be waiting for a clearer signal before committing to a direction.