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BTC Bitcoin broke through the six-week consolidation range and soared to US$79,400 driven by a net inflow of ETF funds of US$1.92 billion.
Bitcoin prices broke through the previous trading range and rose to US$79,400, successfully getting rid of the six-week consolidation pattern from US$62,000 to US$67,000 range. The cryptocurrency was last quoted at US$77,161.80, up 0.30% in the past 24 hours. Weekly gains reached 22%, and daily trading volume climbed to $27 billion.
ETF capital inflows grow in tandem with spot demand
As Bitcoin rises, trading activity in the spot and perpetual contract markets has increased significantly, especially on mainstream cryptocurrency exchanges. Increased demand from spot buying boosted trader confidence and reduced concerns that the rally would be driven solely by derivatives.
US-listed spot Bitcoin exchange-traded funds (ETFs) attracted a net inflow of US$1.92 billion in just five trading days. These inflows indicate a heavy buying by institutions and show support from large investors for the latest price movements. Total net inflows of U.S. spot Bitcoin ETFs reached US$1.92 billion over five trading days, reflecting increased institutional demand, which has been one of the key drivers of recent price strength. Institutions participate in the market through these products, which plays an important supporting role in the current upward trend. The persistence of ETF inflows has made market analysts more confident about the inherent strength of this round of rally.
On-chain data provided by blockchain data analysis platform CryptoQuant shows that the situation has improved significantly in the near future. As of August 19, the cost base for short-term holders was close to $68,500, compared with the real market average of approximately $75,800. A rebound in prices above these two levels usually signals increased confidence among short-term traders and is also seen as an early signal of a reversal in market structure.
(The following is the status of support/resistance levels, as of August 21)
Short-term holder cost base: US$68,500 (recovered)
Real market average: US$75,800 (recovered)
Previous resistance range: US$82,000-US$83,000 (not yet broken)
Short squeeze and key resistance levels remain of concern
A price breakthrough of US$67,000 triggered a large-scale short squeeze in the cryptocurrency derivatives market, resulting in the liquidation of approximately US$3 billion in short positions. This exacerbated the price rise, making Bitcoin rise far beyond what could be achieved by spot demand alone. The massive liquidation of about $3 billion in short positions reinforced the fierceness of the rally and highlighted the force of forced buybacks on price fluctuations in trend markets.
Analysts compared this trend to a rapid rally earlier this year, when Bitcoin rose from $60,000 to $82,000, but failed to form a sustained reversal. This historical background has made many market participants cautious, pointing out that strong gains do not always confirm a lasting shift in market trends.
The CryptoQuant team emphasized that maintaining support between $75,000 and $76,000 is crucial to continuing the bullish outlook. Confirming a trend shift requires a clear breakthrough of $80,000, and the next major test lies in the key resistance level between $82,000 and $83,000.
According to CryptoQuant CEO Joo Ki-young, such rallies near market lows could mark the end of a bear market cycle. But he also warned that confirmation still depends on continued demand and stable price performance above key cost base levels. Previously, Joo remained bearish until continued positive data changed his view.
