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Bitcoin slips to about $77,000 after briefly topping $79,500
Spot bitcoin ETFs pulled in $606 million on Aug. 20, while ether funds saw $221 million inflows, both larger than the prior day.
Bitcoin retreated to around $77,000 after briefly trading above $79,500, following a run of more than 6% in the prior 24 hours. The move lifted several crypto-linked equities, with Strategy (MSTR) up 10%, and Coinbase (COIN) and MARA Holdings (MARA) each up 6%, while Galaxy Digital rose 5%.
Market commentary in the update pointed to a technical picture consistent with “bottoming” behavior, describing a short squeeze and a burst above key levels. Mati Greenspan, founder at Quantum Economics, said the pattern resembles what bottoms generally look like and that traders with limit orders below much lower prices are reassessing as momentum builds.
The update also cited broader moves across major assets, noting gold at $4,600 and silver near $70 as both rose. Bitcoin was reported as having a roughly $71,115 to $77,000 intraday range, with market cap above $1.5 trillion, while still sitting about 39% below its October record near $126,000.
ETF flow data underscored institutional participation in the rally, with spot bitcoin ETFs pulling in $606 million on Aug. 20 and ether funds recording $221 million inflows. The update said both figures were bigger than the prior day, and it highlighted whether ETF flows continue into next week as key to determining if the move is durable.
Latest closeGold $4,432.00 ▲1.6%|Silver $64.83 ▼0.1%|Bitcoin $77,298.59 ▲5.8%