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Bitcoin nears $80,000 as spot ETF trading pauses for the weekend
Bitcoin reached an intraday high of $79,500 on Aug. 21, but ETF trading stops until Monday and the squeeze fuel may cool without further spot inflows.
Bitcoin closed the week near $80,000, posting an intraday high at $79,500 on Aug. 21, as the largest weekly rally in two years unfolded on a mix of events, including a surprise Treasury intervention, spot ETF buying, and forced short liquidations, according to CryptoSlate.
Spot Bitcoin ETFs took in about $1.6 billion between Aug. 17 and Aug. 20, with $606.3 million added on Aug. 20 alone. BlackRock's IBIT accounted for roughly $503 million of that Aug. 20 total, about 83% of the day's net demand.
CryptoSlate said the next two days are a test because ETF trading halts until Monday and Treasury markets also close, pausing two mechanical supports behind the squeeze. It also noted that more than $4.3 billion in crypto shorts have reportedly been liquidated since Aug. 19, with over $3.1 billion concentrated on Aug. 19 and 20, meaning the forced-buying impulse is finite.
Bitfinex analysts characterized the move as resting on steady accumulation, seller exhaustion, and a macro turn, while data showed Bitcoin climbed about 11% on the week as open interest rose only about 4% and funding stayed near neutral. CryptoSlate added that with leverage dynamics already cleared, the weekend may show whether price can hold gains on native market demand once the ETF channel is off.
Latest closeBitcoin $77,133.90 ▼1.5%