Bitcoin is consolidating after a 23% weekly gain, with the cryptocurrency closing the latest week up just 0.10% as it repeatedly failed to break above the $82,000 level. At the same time, spot Bitcoin ETFs recorded about $924 million in net inflows across nine consecutive trading sessions before a $202 million outflow on Friday ended the streak, according to Wintermute.
Ethereum ETFs added roughly $816 million during the same period without recording a single-day net outflow. Wintermute said the two weeks of institutional inflows suggest the recent move has not been driven only by short covering, although Friday’s outflow is a data point to watch.
The firm is now focusing on the $75,000 and $82,000 levels ahead of the Federal Reserve’s September meeting, while a weekly close below $72,000 would invalidate its current view.
Bitcoin Holds Recent Gains As ETF Flows Remain In Focus
Bitcoin’s latest week was marked more by consolidation than another major price move. After gaining 23% in the previous week, BTC added only 0.10% in the latest period, according to Wintermute’s August 31 market update on X. The cryptocurrency traded above $81,000 during the week before falling below $78,000 following the Jackson Hole speech and later finishing close to where it began.
The $82,000 area has become an important level in Wintermute’s analysis. The firm said BTC has tested the area several times but has continued to face selling pressure there. This leaves the market in a range where recent gains have held, but buyers have not yet pushed the cryptocurrency through the next resistance level.
ETF activity is providing another measure of investor demand. Wintermute said spot Bitcoin ETFs recorded approximately $924 million in inflows over nine consecutive sessions, according to Farside data cited in its update. The streak ended Friday when Bitcoin ETFs recorded a $202 million net outflow.
Ethereum ETFs had a stronger run during the same period, taking in approximately $816 million without a single day of net outflows, Wintermute said. The firm described Friday’s Bitcoin ETF outflow as the first data point against the recent flow trend, rather than a reason to dismiss it altogether.
Other digital assets also moved during the week. Wintermute reported that altcoins gained 0.61%, while ETH fell 0.86%. It also noted that SOL and XRP ETFs recorded 2026 inflow records of $154 million and $110 million, respectively. The figures point to activity beyond Bitcoin, although a single week’s performance does not establish a longer-term trend. For now, the market is showing two different signals: Bitcoin has held much of its recent advance, while price momentum has slowed and resistance around $82,000 has remained intact.
Fed Expectations Leave Bitcoin’s Next Move Uncertain
The broader market backdrop has also changed. Wintermute said the Jackson Hole keynote weakened the earlier “debasement trade” narrative that had helped support Bitcoin alongside gold. The speech pushed expectations for a September rate hike to about 62%, according to the firm’s August 31 market update.
This puts the Federal Reserve’s September 15–16 meeting at the center of the near-term outlook. Wintermute said the September meeting could act as a key catalyst for risk assets, including crypto. Before then, the firm pointed to the September 4 payrolls report as the main economic release that could materially change expectations for a rate hike.
Despite the change in the macro narrative, Bitcoin has so far held at relatively high levels. Wintermute believes that support is coming in parts from investors who remain under-allocated to the asset and may be adding exposure after the recent move. The firm sees more than one possible outcome. Continued buying from investors who missed the move could provide further support. Alternatively, a cooling in leverage could send BTC back toward the mid-$70,000 range before another attempt higher.
Wintermute is watching $75,000 and $82,000 as the main levels into the September FOMC meeting. A move above $82,000 would clear the resistance that has held through several attempts, while $75,000 is an important support area. The firm also identifies $72,000 as a more significant downside level. Its current view would be invalidated if weekly ETF flows turn negative or if Bitcoin price records a weekly close below $72,000. Until the Federal Reserve meeting, Wintermute expects price movement around the range to remain difficult to predict.
