Bitcoin remained near $79,000 during Wednesday’s Asian session as traders took some profits following a strong weekly rally. Most major cryptocurrencies traded lower over the previous 24 hours, with HYPE standing out as the only major token to post a gain.
BTC was down nearly 1% on the day but continued to hold a weekly increase of about 23%. XRP remained the strongest weekly performer among the major tokens, despite falling more than 4% to just above $1.44. Its seven-day gain stood near 45%.
Zcash also pulled back sharply, dropping almost 6% to slightly above $783. Despite the decline, ZEC was still up roughly 55% over the week, the largest weekly gain among the group. The privacy-focused cryptocurrency has gained momentum following the launch of a U.S. spot ETF dedicated to the token.
Dogecoin declined nearly 5% to just below $0.09, while Solana lost more than 3% to trade under $97. Tron fell almost 3% to around $0.34.
BNB slipped close to 2% to above $695, while ether dropped more than 1% to below $2,465. The two tokens nevertheless retained weekly gains of approximately 16% and 29%, respectively.
HYPE bucked the broader market trend, rising almost 3% to above $81. Hyperliquid’s native token was still up close to 40% over the past week.
Crypto Indicators Strengthen
The broader market picture remained positive despite Wednesday’s pullback. CryptoQuant’s Bull Score, which combines 10 market and onchain indicators, jumped from 30 to 80 during the past week.
The reading is the highest since Oct. 6, 2025, when Bitcoin was trading near $124,000. Eight of the 10 indicators tracked by CryptoQuant are now in bullish territory.
The analytics firm also reported that apparent spot demand is growing at its fastest monthly pace since late December. Spot and futures demand are expanding at the same time for the first time since early October 2025, according to a note shared with CoinDesk.
Markets Await Key U.S. Economic Data
Asian equities moved higher while crypto prices retreated. MSCI’s Asia Pacific index gained 1%, helped by Samsung Electronics and SK Hynix, and was on track for its fourth advance in five sessions. Lower crude prices also helped ease inflation concerns.
On Wall Street, Nvidia ended a seven-day losing streak ahead of its earnings release on Wednesday, while U.S. equity futures recovered from earlier losses.
Investors are now watching second-quarter GDP data due Wednesday morning and July PCE inflation figures. Attention will then shift to Federal Reserve Chair Kevin Warsh’s first Jackson Hole keynote on Friday.
Markets currently assign roughly a 60% probability that the Federal Reserve will keep interest rates at 3.50% to 3.75% at its September meeting.
