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Ethereum rallies 18% in 8 hours as Bitcoin targets $69K-$70K

US spot Bitcoin ETFs logged $297.5 million inflows on August 17 and $189.3 million on August 18, while spot Ethereum ETFs pulled in $71.4 million on August 18.

Reported · Written up by our desk · Market Structure

Crypto markets extended their rebound, with Ethereum breaking higher on expanding participation across major tokens and institutional flow. Forexlive said ETH surged about 18% within eight hours as risk appetite appeared to broaden beyond Bitcoin.

Bitcoin pushed toward the $69,000 to $70,000 area, after trading around $65,000 earlier in the move and then accelerating above the prior $61,500 to $66,900 range. Forexlive noted that holding above the $66,900 ceiling is becoming more important than brief moves through that level.

The outlet also pointed to improving demand for spot crypto ETFs. Forexlive cited $297.5 million of inflows into US spot Bitcoin ETFs on August 17 and $189.3 million on August 18, while spot Ethereum ETFs attracted $71.4 million on August 18.

Forexlive linked the broader bid to concerns about purchasing power after Treasury Secretary Scott Bessent expanded long-dated bond buybacks, which it said initially pushed 30-year yields lower and the US dollar index to fresh multi-month lows. The outlet added that gold’s sharp rally after the buyback announcement suggests traders are looking to assets such as gold and Bitcoin as potential hedges.

Latest closeGold $4,292.50 ▼0.6%|Bitcoin $84,310.25 ▼0.1%|Ethereum $2,685.67 ▲0.0%

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