U.S. spot Bitcoin ETFs attracted $606 million on Aug. 20, while spot Ether ETFs recorded $221 million in inflows. Both figures were higher than the previous day, adding to evidence that institutional investors are helping drive Bitcoin’s latest advance.
Treasury Yields Steady After Wild Week
Long-term U.S. Treasury yields opened the week near multi-decade peaks, then dropped sharply following Wednesday’s announcement that the Treasury would expand its buyback operations. Yields rebounded Thursday as traders questioned whether Scott Bessent and the Treasury could keep interest rates under control.
Treasury yields were mostly unchanged ahead of Friday’s U.S. market open. The 10-year yield stood at 4.70%, roughly four basis points below where it started the week.
Markets have reduced their expectations for monetary tightening but still see a possibility of Fed hikes later this year. CME FedWatch data showed a 35% chance of a September hike, while the probability of at least one increase by year-end stood at 66%.
That compares with roughly 90% odds assigned by traders a month earlier for at least one Fed hike before the end of the year.
Standard Chartered: Crypto Volatility Works Both Ways
Standard Chartered’s Geoff Kendrick said the latest price action demonstrates that volatility in digital assets can work in either direction, particularly after Bitcoin’s sharp rise.
Kendrick attributed a large portion of this week’s Bitcoin rally to short liquidations, but said further gains will need to be supported by actual buyers.
Bitcoin ETF demand has started to improve, although Kendrick noted that the overall increase remains relatively modest. He expects daily inflows could eventually reach $1 billion.
The stronger momentum has also led Kendrick to question whether his $100,000 year-end Bitcoin forecast may be too low.
Bitcoin briefly approached $80,000 overnight before falling back below $77,000. Even after the retreat, BTC remained up around 6.6% over the previous 24 hours.
Crypto Stocks Follow Bitcoin Higher
Bitcoin climbed more than 6% over the previous 24 hours and reached $79,500, lifting major crypto-related stocks.
Strategy jumped about 10%, while Coinbase and MARA Holdings each gained roughly 6%. Galaxy Digital advanced around 5%.
Analyst Sees Signs of a Bitcoin Bottom
Mati Greenspan, founder of Quantum Economics and a former eToro market analyst, said Bitcoin has displayed strong momentum in recent sessions.
He described the setup as similar to what market bottoms often look like: a short squeeze followed by a large bullish candle and breaks above important technical levels. Traders who had been waiting for Bitcoin to fall toward $40,000 could then reconsider their positioning and enter the market to avoid missing the move.
Bitcoin Reaches $79.5K Before Retreating
Bitcoin climbed to $79,500 before pulling back below $78,000. The cryptocurrency remained more than 6% higher over 24 hours and had added over $15,000 during the past week.
Gold also advanced to $4,600 an ounce, gaining another 2%, while silver moved closer to $70 after rising more than 2.5%.
Bitcoin Pushes Above $77K
Bitcoin reached $77,010 on Friday, gaining 7.67% and extending a rally that lifted it from below $64,000 earlier in the week.
The cryptocurrency traded between approximately $71,115 and $77,000 over 24 hours, pushing its market capitalization beyond $1.5 trillion.
Despite the sharp recovery, Bitcoin remains about 39% below its October record near $126,000. The latest surge therefore represents a recovery within a broader down year rather than a move into fresh record territory.
The pace of the rally is now a major consideration. Rapid vertical gains can reverse quickly when momentum fades, making ETF flows next week crucial in determining whether the breakout has lasting support.
Anthropic IPO Adds to AI-Crypto Capital Competition
Anthropic could target an IPO large enough to match or exceed SpaceX’s record offering, Bloomberg reported. The company behind Claude could file publicly as early as the end of August, although the final size and valuation remain uncertain.
SpaceX raised $75 billion in its June IPO, the largest debut on record, with the total later increasing to $86.2 billion after the overallotment option was exercised. An even larger Anthropic offering would establish a new IPO record and underscore the strength of investor demand for AI.
AI and crypto have competed for institutional capital throughout the year. The wave of major AI listings, including SpaceX and potential offerings from OpenAI and Anthropic, has drawn capital that could otherwise have flowed into crypto, coinciding with Bitcoin’s heavy ETF outflows in June.
The timing is notable because Anthropic’s potential mega-IPO is emerging as Bitcoin breaks above $75,000 amid strong ETF demand. For now, both AI and crypto appear to be attracting substantial investor interest simultaneously.
Bitcoin Clears $76K
Bitcoin moved above $76,000 on Friday, reaching $76,858 at its session high and gaining more than 4.5% over 24 hours.
Bitcoin ETFs Pull In $606M for Second Straight Day of Strong Inflows
U.S. spot Bitcoin ETFs received $606 million on Aug. 20, compared with $517 million the previous day, while Ether ETFs recorded $221 million in inflows, according to SoSoValue.
XRP ETFs attracted $13 million and Solana ETFs received $15 million, with every listed asset category posting inflows. It marked another day of accelerating institutional demand behind Bitcoin’s breakout.
The ETF figures strengthen the argument that the rally is being supported by genuine buying rather than solely by short covering. Bitcoin crossed $69,000 on Wednesday before breaking above $72,000 on Thursday, while ETF inflows increased on both days.
BTC traded near $75,500 on Friday after reaching $72,344 Thursday, retaining most of its weekly gains.
Still, the speed of the advance presents a risk. Bitcoin climbed from below $64,000 to above $72,000 in just three days, and such rapid rallies can lose ground quickly once momentum weakens.
ETF activity will remain a critical indicator. Continued inflows next week would strengthen the case for a sustainable breakout, while weakening demand could indicate that the rally was primarily a temporary spike.
