Bitcoin Steadies Near $79K and Solana Jumps to $105
TL;DR
- Bitcoin is trading around $79,680 and has gained 11% over the week, driven by an eight-day streak of net inflows into spot ETFs.
- Bitcoin ETFs received $2.8 billion during their longest positive streak since April. Open interest in futures remains stable near 700,000 BTC.
- Solana jumped 7% on the day and surpassed $105, with open interest in its futures growing 5% to levels not seen since July 9.
The crypto market opens the session with relative calm following last week’s explosive moves. Bitcoin is trading around $79,680 according to CoinMarketCap, up 1.2% over the last 24 hours and 11% over the past seven days. The catalyst behind that momentum was the U.S. Treasury’s decision to double buybacks of long-term bonds, which pushed BTC to break out of a six-week sideways range and triggered more than $3 billion in short position liquidations.
That said, the current stability does not imply an absence of demand. Bitcoin spot ETFs have recorded eight consecutive days of net inflows, capturing $2.8 billion in their longest streak since April, according to data from SoSoValue. Open interest in BTC futures remains flat near 700,000 BTC, which reduces the risk of abrupt liquidations and reinforces the idea of an advance sustained primarily by the spot market.
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