TLDR
- Bitcoin trades near $79,000-$80,000 after August PPI data came in slightly above forecasts.
- 21Shares strategist Matt Mena says BTC could reach $100,000 during Q4.
- Mid-sized coin inflows to exchanges fell 15.5%, easing selling pressure.
- U.S. spot bitcoin ETFs pulled in $603.3 million through the first six September sessions.
- Whale balances have stayed flat since September 2, holding near 5.22 million BTC.
Bitcoin is holding close to the $79,000 support level after new inflation data gave traders something to think about this week. The Bureau of Labor Statistics released the August Producer Price Index on September 10.
Final demand prices rose 0.4% for the month and 5.4% over the past year. Both figures matched or slightly beat expectations, keeping the market on edge.
Matt Mena, senior crypto research strategist at 21Shares, called the reading “slightly hotter than expected.” He told Bitcoin.com News that markets had already priced in the move because of rising oil prices.
Mena said a run toward $82,000 by month-end looks increasingly likely. He added that BTC could briefly dip to $75,000 before any further climb.
Energy costs drove much of the PPI increase. Diesel fuel jumped 24.1% during August, and overall energy prices rose 4.2%.
Bitcoin has already rebounded from a low of $77,603 toward the $80,000 mark. That bounce came as investors weighed the inflation data against ongoing ETF demand.
ETF Flows Show Mixed Signals
U.S. spot crypto ETFs took in $1.24 billion during the week ending September 4. Bitcoin funds made up $986.85 million of that total, or about 79%.
September bitcoin ETF inflows reached $603.3 million across the first six trading days. Two outflow days followed, with $46.6 million leaving on September 8 and $120.24 million on September 9.
Those withdrawals pulled total net assets down from $99.52 billion to $99.33 billion. Ether, XRP, and solana products still attracted fresh money the same week.
Exchange Data and Whale Activity
Mid-sized coin deposits to Binance, Coinbase Pro, and Coinbase Prime dropped 15.5% since early August. Binance alone saw inflows fall nearly 30%, from 4,390 BTC to 3,080 BTC.
That shift produced a 1,160 BTC swing between exchanges rather than a rise in overall selling. Whale balances have stayed near 5.22 million BTC since September 2, showing limited fresh buying from the largest holders.
Altcoins have outperformed bitcoin over the past three weeks. Ethereum gained 29% compared to bitcoin’s 20%, and Hyperliquid moved close to $90.
Mena’s fourth-quarter outlook includes $100,000 BTC, $3,500 ETH, $100 HYPE, and $130 SOL. He pointed to $2,500 as a seven-month resistance level for ETH that could open a path to $3,000.
The next major data point is the August Consumer Price Index, due Friday at 8:30 a.m. Eastern time. The Federal Reserve’s two-day policy meeting begins September 15, right after the CPI release.
