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Bitcoin holds near $79,000 after a 23% weekly surge
U.S.-listed spot bitcoin ETFs logged $314 million in net inflows Tuesday, pushing August inflows above $3 billion.
Bitcoin was holding near $79,000 after rising 23% over the prior seven days, with traders taking profits following the sharp rally. In the past 24 hours, bitcoin fell about 1.2% to around $78,759, while the broader CoinDesk 20 index declined 2.1%.
CoinDesk reports that demand for U.S.-listed spot bitcoin exchange-traded funds stayed firm, with $314 million in net inflows Tuesday. That marked a seventh straight day of inflows and lifted month-to-date August totals to above $3 billion, according to SoSoValue data.
Derivatives data also pointed to potential consolidation rather than a quick reversal. CoinDesk cited declining futures open interest and strong bitcoin call-option demand as signs that the market may pause after the fastest part of the move.
Elsewhere in crypto, CoinDesk said gold was little changed near $4,630 an ounce after hitting a three-month high. It also noted modest declines among major tokens such as ether and solana, while Zcash fell 7.3% over 24 hours on a sell-the-news move.
Latest closeGold $4,323.20 ▼1.2%|Bitcoin $84,236.73 ▼2.2%|Solana $114.95 ▼3.0%