Market on the rise: bitcoin storms $77k, while institutions buy up ETFs — digest of August 24
While most market participants were resting, the cryptocurrency industry continued its active movement. Judging by the dynamics of the past day, the bullish momentum is not only holding but also gaining pace, supported by both institutional inflows and targeted corporate news.
Market Leaders: Confident Growth Without Looking Back at Corrections
Bitcoin (BTC) by the morning of August 24 had settled near the $77,050 mark, showing a daily gain of 1.10%. The intraday trading range was $75,600–$77,800, indicating high volatility, yet the weekly dynamics are impressive: +21.41%. Ethereum (ETH) is not lagging behind — the price reached $2,447, adding 2.90% for the day and 28.87% for the week, with overnight movements in the corridor of $2,360–$2,480.
Among the altcoins in the top 25, Zcash (ZEC) stood out with a gain of 6.51%, Sui (SUI) — up 4.56%, and Hedera (HBAR) — up 4.41%. At the same time, some coins showed negative dynamics: UNUS SED LEO (LEO) lost 1.85%, and Monero (XMR) — 3.03%.
In the broader top-100 list, weekly results look even more impressive. Ethena (ENA) soared by 99.54%, Stacks (STX) rose by 93.91%, and Official Trump (TRUMP) — by 76.33%. The week's laggard was JUST (JST), losing 7.59%.
Institutional Demand Hits Records
Particular attention deserves the activity in the spot ETF market. Over the past week, Bitcoin funds attracted about $1.92 billion, Ethereum — $697.18 million, XRP — $39.78 million, Solana — $28.34 million. Even less liquid products, such as Chainlink (LINK) and Hyperliquid (HYPE), showed inflows of $13.35 million and $3.89 million, respectively. The only exception was BNB funds, which recorded a slight outflow of $262,000.
Such a picture clearly indicates that institutional investors view current levels as an entry point, not an exit. This is a strong bullish signal, especially against the backdrop of overall market growth.
Liquidations and Corporate News
Over the past 24 hours, positions worth $300.38 million were liquidated, affecting 72,982 traders. Interestingly, short positions accounted for more — $167.16 million versus $133.23 million on longs. The largest liquidation order was executed on Binance for the ETHUSDT pair at $6.86 million, highlighting aggressive bearish play that, however, did not succeed.
Among corporate events, the stablecoin neobank Fasset stands out, which raised $68 million in a round led by Japan's SBI Group at a valuation of $1 billion. The company processes over $40 billion in transactions annually across 125 countries, and revenue grew sixfold year-over-year. This speaks to the maturity of the segment and growing trust in digital financial services.
Tether CEO Paolo Ardoino also noted that USDT is increasingly being used in developing economies — from Venezuela to Turkey — as a store of value and a tool for cross-border settlements. This confirms that stablecoins are becoming an integral part of the global financial infrastructure.
Additionally, Ledger CTO Charles Guillemet reported the elimination of a vulnerability in the Ethereum application, discovered by the Ledger Donjon unit. Users with up-to-date firmware are protected, which removes potential risks for hardware wallet holders.
My view: The current dynamics are not just a corrective bounce, but the formation of a sustainable uptrend backed by fundamental factors. ETF inflows and growing interest in stablecoins in the real sector indicate that the market is becoming deeper and more mature. If Bitcoin holds above $78,000, a direct path to historical highs opens up, and in this scenario, altcoins could show even more impressive dynamics.