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Bitcoin slips below $80,000 after rejection near 50-week average

U.S. spot bitcoin ETFs added $337.6 million on Aug. 24 for a sixth straight day of inflows, while ether funds collected $115.6 million.

Reported · Written up by our desk · Market Structure

Bitcoin reversed after an intraday push higher, reaching $81,265 before getting rejected near its 50-week moving average at about $81,085, according to CoinDesk. The coin later slipped below $80,000 but was still up more than 1% over the prior 24 hours.

CoinDesk reported that U.S. spot bitcoin ETFs logged net inflows totaling $337.56 million on Aug. 24, extending what the outlet described as a sixth consecutive day of positive spot demand. The same day, ether funds added $115.57 million, and CoinDesk said Solana funds and XRP funds also saw inflows.

CoinDesk said the broader rally that pushed bitcoin past $69,000 last week was partly driven by a short squeeze, noting that forced buying is not expected to repeat once shorts are cleared. The outlet pointed to more than $2.5 billion in cumulative ETF inflows over six days as the stronger sign of institutional participation.

CoinDesk added that bitcoin ETF assets climbed to $98.56 billion from $78.67 billion a week earlier, with traders now watching whether inflows persist as analysts flag overbought conditions. The outlet said flat or negative flows this week would test the durability of the move, while another day of inflows at the same pace could strengthen the case.

Latest closeBitcoin $79,179.29 ▲0.3%|Solana $98.73 ▲0.2%|XRP $1.481 ▲0.1%

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