Home›Crypto›Bitcoin›Bitcoin consolidates near $78,000 as Arbitrum jumps on…

Bitcoin consolidates near $78,000 as Arbitrum jumps on fee surge

Spot bitcoin ETFs logged nine straight days of net inflows totaling about $3.0 billion through Aug. 27, before a $202 million outflow on Friday and $217 million inflow on Monday.

Reported · Written up by our desk · Bitcoin

Bitcoin traded around $78,000 on Tuesday, down 0.4% since midnight UTC and roughly 0.7% on the week, as the market consolidated after a prior short squeeze pushed prices from below $63,000 to a high near $81,400 last week.

CoinDesk data showed spot bitcoin ETFs had a nine day net inflow streak totaling about $3.04 billion through Aug. 27, before that run ended on Friday with a $202 million outflow. Inflows resumed Monday with $217 million in fresh buying, according to SoSoValue data.

Arbitrum was the standout move, rising more than 30% as Robinhood Chain's 24 hour transaction revenue passed $2 million. The report said 10% of net protocol revenue is directed back to the Arbitrum ecosystem.

Broader crypto was mixed, with the Altcoin Season index slipping to 26/100 from 34 on Friday, its lowest level in more than 90 days. Despite that, parts of DeFi continued to attract bids, including Curve DAO Token, Uniswap, and other lending and DEX related tokens mentioned in the session recap.

Latest closeBitcoin $77,351.59 ▼1.5%

More like this

Sources