Bitcoin’s 24% August Rally Hits $80K Wall as ETF Demand Starts to Cool

Bitcoin is entering September with a very different setup from the one that powered its 24% August rally.

BTC was trading around $78,545 on Aug. 31, after briefly climbing above $81,000 before failing to hold the psychologically important $80,000 level. The retreat comes as several of the forces supporting August’s rebound: spot ETF demand, available exchange supply and spot-market buying begin flashing less favorable signals.

At the same time, macro conditions have become less supportive. Markets are now pricing roughly a 60% probability of a Federal Reserve rate increase in September following Chair Kevin Warsh’s hawkish Jackson Hole comments, adding another obstacle for risk assets.

<iframe src=”https://widgets.coincodex.com/w/8624c91f-b44a-49ad-89d4-7cf90d999c60?site=coinpaper&mode=light” width=”100%” height=”420” frameborder=”0” style=”border:0;background:transparent;border-radius:0px;”></iframe>Binance Bitcoin Reserves Reach a 2026 High

One of the clearest on-chain warnings is appearing at Binance.

Bitcoin reserves held on the exchange have climbed to approximately 687,000 BTC, their highest level of 2026, according to CryptoQuant. The balance had fallen toward 617,000 BTC in late April before reversing higher, with the increase accelerating as Bitcoin rallied through August.