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BTC Federal Reserve officials hinted at keeping interest rates unchanged, with a record net inflow of Bitcoin spot ETF
Federal Reserve Governor Christopher Waller said on September 3 that if inflation continues to cool, he prefers to keep interest rates stable. The remarks prompted growth stocks and cryptocurrency asset prices to rise. According to SoValue data, U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded a net inflow of US$730.9 million that day.
Among them, BlackRock's IBIT products accounted for approximately US$454 million. Six other funds, including Fidelity and Grayscale, also registered net inflows. This aggregate is the largest single-day net inflow into the U.S. spot Bitcoin ETF since January 14.
Institutions push money into IBIT
BTSE chief operating officer Jeff Mei pointed out that Waller's remarks were equivalent to sending a direct signal to the market. "Federal Reserve Governor Waller basically gave the market the green light; he said he preferred to keep interest rates unchanged if inflation continued to cool, which drove growth stocks and crypto assets higher." Mei told The Block.
Rachael Lucas, a cryptocurrency analyst at BTC Markets, believes that the distribution of funds suggests that this is institutional behavior rather than retail positions. "IBIT's concentration of funds is a clear signal," Lucas said."It's a tool that organizations use for large-scale deployment and points to asset allocation flows rather than tactical positioning."
The September 3 data followed the strong performance in August-the strongest month for the U.S. Bitcoin ETF since September 2025. During the month, the funds attracted a total of $3.5 billion in net inflows.
Cryptocurrency-related stocks also fluctuated significantly on September 3. Strategy shares rose 17.6% to $144.80, Circle closed up 16.5% to $103.23, and Coinbase gained 10% to $192.70. Later that night, BTC prices recovered above $81,000 and were trading close to $80,950.
Employment data and CPI data could reverse gains
Lucas said the next catalyst for affecting the market will be the upcoming jobs report and consumer price index (CPI) readings. "Waller's dovish stance is conditional, based on cooling inflation, so if the data is higher than expected, this premise will be directly overturned," she said. "September also usually has weak seasonal records. These two data, combined with ETF trading in the next few days, will determine whether the $81,000 is a bottom support or a temporary rebound."
She also pointed out that the 90-day correlation of BTC with gold has risen to a six-year high of more than 50%, while the correlation with the S & P 500 has dropped to near zero. Lucas said this may indicate that Bitcoin is being priced more as an anti-inflation tool than as a high-risk growth asset. "If this trend continues, it will change the way we read capital flows and should be considered in terms of months rather than days."
