Spot

Value

Bitcoin

2024

<p style="text-align: justify"><a href="https://en.coin-turk.com/bitcoin-price-drops-due-to-bitstamp-announcement/" rel="noopener noreferrer nofollow">Bitcoin</a> opened September in a consolidation phase after gaining 23% over the preceding two weeks. The leading cryptocurrency briefly surpassed $81,000 before sliding below $77,000. Despite the pullback, analysts described the overall market structure as relatively robust.</p><h2 id="spot-trading-volume-and-volatility-shift">Spot trading volume and volatility shift</h2><p style="text-align: justify">Bitcoin is currently trading at $76,990, reflecting a 1.4% decrease over the last 24 hours. While prices came under pressure, the market’s broader trends have seen a notable shift.</p><p style="text-align: justify">Analysts at K33 Research, a digital asset research firm, reported that Bitcoin’s average daily spot trading volume declined by 35% over the past week, reaching $3.1 billion. This decrease followed a period of heightened activity during the recent rally.</p><p style="text-align: justify">However, compared to the levels before the breakout, trading activity remains significantly elevated. In a note, K33 highlighted that volumes were still 48% higher than the average between July 1 and August 15, indicating renewed engagement in the spot market as Bitcoin established a new trading range.</p><blockquote><p>“Despite the sharp decline from last week, volumes remain 48% above the July 1 to August 15 average, as BTC’s new trading range has revitalized spot market activity, bringing both buyers and sellers back into the market,” K33 wrote.</p></blockquote><p style="text-align: justify">The data points to a market where higher prices are drawing more participation, even as some of the momentum has eased.</p><p style="text-align: justify">Short-term volatility has also moderated. Seven-day volatility dropped to 1.6%, falling below the yearly median of 1.8%. This suggests daily price swings have become less pronounced after the recent rally.</p><h2 id="correlation-with-gold-hits-record-etf-inflows-continue">Correlation with gold hits record, ETF inflows continue</h2><p style="text-align: justify">Bitcoin’s relationship with traditional assets has also shifted. Its 90-day correlation with gold reached an all-time high of 0.52, while the correlation with the Nasdaq dropped to its lowest point in 2026. According to K33, this divergent trend enhances arguments for Bitcoin as a potential hedge against currency debasement and changing global liquidity conditions.</p><p style="text-align: justify">The weakening connection to tech stocks suggests the cryptocurrency is responding to different market factors than in previous cycles.</p><p style="text-align: justify">Institutional demand via Bitcoin exchange-traded products (ETPs) remained strong in August. Global Bitcoin ETPs recorded net inflows of 52,152 BTC during the month, the largest since November 2024. This marked a reversal from record monthly outflows in May and June.</p><p style="text-align: justify">K33 pointed out that ETF flows have become the dominant driver of Bitcoin’s 30-day returns since the introduction of US spot Bitcoin ETFs, with both metrics showing a correlation of 0.87. The firm also stated that Bitcoin has never registered a 30-day gain of more than 10% without positive ETF inflows in the same period.</p><p style="text-align: justify;background: linear-gradient(135deg,#ffffff 0%,#fffdf9 100%);border:1px solid #f1e4d8;border-left:4px solid #F69434;padding:14px 16px;border-radius:12px;color:#1e293b;font-size:15px;line-height:1.7">Mini dictionary: K33 Research is an independent research and advisory firm focused on digital assets, providing data-driven insights for cryptocurrency market participants.</p><table style="border:1px solid #f1e4d8;padding:8px"><thead><tr><th>Metric</th><th>Latest Value</th><th>Comparison</th></tr></thead><tbody><tr><td>Spot Trading Volume</td><td>$3.1 billion</td><td>Down 35% week-on-week</td></tr><tr><td>Volatility (7-day)</td><td>1.6%</td><td>Below yearly median</td></tr><tr><td>Correlation with Gold</td><td>0.52 (90-day)</td><td>All-time high</td></tr><tr><td>ETP Inflows (August)</td><td>52,152 BTC</td><td>Largest since Nov 2024</td></tr></tbody></table><h2 id="key-resistance-and-outlook">Key resistance and outlook</h2><p style="text-align: justify">On the technical front, the BTC/USD pair is consolidating on the 4-hour chart. Market watchers have identified $82,000 as a crucial resistance level. A firm break above this threshold could extend the uptrend and attract further interest from investors who have limited exposure to the asset.</p><p style="text-align: justify">The outlook remains contingent on these buyers maintaining momentum as Bitcoin approaches resistance. The nearest significant support is around $75,000, with a more substantial support area near $72,000. A pullback to the mid-$70,000 range could allow the market to reduce excessive leverage and build a stronger foundation for potential gains.</p><p style="text-align: justify">Analysts cautioned that continued ETF outflows or a weekly close below $72,000 would threaten the recovery structure. Bitcoin’s next decisive move is likely to hinge on the persistence of institutional inflows and the ability of buyers to surpass the $82,000 resistance level.</p><blockquote><p>Bitcoin’s future trajectory will depend on whether institutional participation remains strong, and if buyers can muster enough demand to push the price above the $82,000 mark.</p></blockquote><p>The post <a href="https://en.coin-turk.com/bitcoin-trades-at-76990-as-trading-volume-falls-35yuzde-etf-inflows-surge/" rel="noopener noreferrer nofollow">Bitcoin trades at $76,990 as trading volume falls 35%, ETF inflows surge</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Bitcoin trades at $76,990 as trading volume falls 35%, ETF inflows surge

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