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Bitcoin holds near $78,000 after best August since 2017
Bitcoin was up about 25% in August, and spot bitcoin ETFs saw $924 million of inflows across nine straight positive sessions before a $202 million outflow on Friday.
Bitcoin traded around $78,000 on Tuesday, maintaining most of its August gains even as oil prices rose and markets increased expectations that the Federal Reserve could hike rates in September, according to The Block.
The outlet said bitcoin gained roughly 25% in August, its best monthly performance since 2017 and its strongest month overall since November 2024, citing LMAX Group Market Strategist Joel Kruger.
Kruger attributed the coin's resilience to its ability to absorb a tougher cross-asset backdrop, including higher bond yields, a firmer dollar, and renewed geopolitical stress, though he also noted that higher oil prices and hawkish Jackson Hole messaging have capped bitcoin's immediate upside.
The Block also reported that spot bitcoin ETFs drew $924 million over nine straight positive sessions before turning lower with a $202 million outflow on Friday.
Latest closeBitcoin $77,351.59 ▼1.5%