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6d ago

Bitcoin Holds at $116K; Ethereum Nears $3,900 as Institutions Double Down

ETF inflows have bolstered prices against seasonal weakness to set up a potential breakout.

Bitcoin surges past $117k as trump taps stephen miran for federal reserve
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Bitcoin
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Overview

  • Bitcoin regained support near $115,000 with a 1.3% rise in 24 hours and now hovers around $116,000, while Ethereum has climbed 2.8% to trade near $3,900.
  • The total cryptocurrency market capitalization remains range-bound between $3.6 trillion and $3.8 trillion, currently near $3.72 trillion, as traders rotate into micro-cap tokens.
  • Corporate treasuries and spot ETFs have lifted institutional stakes to over 6% of Bitcoin’s circulating supply and 2.45% of Ethereum’s, highlighted by a $91.5 million inflow into BlackRock’s IBIT ETF on August 5.
  • On-chain data shows robust activity with Ethereum processing 1.87 million transactions on August 6 and whales accumulating more than 1.8 million ETH over the past month.
  • Technical resistance levels around $117,500 for Bitcoin and $4,050 for Ethereum are under close watch, with a sustained breakthrough expected to trigger the next upward leg.