Bitcoin Range Holds as ETF Demand Cools and Yields Climb
Bitcoin traded in a $82,800–$85,200 band and failed to reclaim $87,000, even as spot ETFs recorded a sixth consecutive positive session with $190.7 million in inflows. The six-day ETF total reached $2.84 billion, though daily inflows had slowed sharply from earlier in the week. A Treasury buyback accepted $4.078 billion of long-dated debt but did not stop yields from rising.
Bitcoin moved between roughly $82,800 and $85,200 from Thursday into Friday, holding above $82,500 but not recovering $87,000. Spot ETFs logged a sixth straight positive day at $190.7 million, bringing six-session inflows to $2.84 billion, though the pace eased from Monday’s $999.0 million and Tuesday’s $714.7 million.
A Treasury buyback accepted $4.078 billion of 20–30 year debt, below its $6 billion target despite $10.468 billion offered, and yields still climbed; the 30-year touched 5.474%, a 2004 high. JPMorgan estimated average production cost near $85,000, a level Bitcoin had spent 280 days below before the rally. Hash rate is 19% under October’s peak, difficulty down 15%, with some miners shifting to AI.
Investors with crypto exposure may see less dramatic gains while ETF demand cools and bond yields stay elevated, since higher yields can pull capital toward fixed income. Miners and their host communities could face pressure if prices hover near production costs, prompting equipment shutdowns or shifts toward AI computing. Financial firms, exchanges, and retail savers with indirect exposure may also feel ripple effects through volatility, liquidity, and changing demand for crypto-related services.