Bitcoin regained strength after last week’s turbulence, when it fell below US$ 109,000 in the wake of Jerome Powell’s Jackson Hole speech and a whale selling 24,000 BTC. Rebounding above that level was seen as critical by experts. The coin now trades near US$ 112,899, but resistance looms at US$ 113,600—the average cost for short-term holders in the past three months. Analysts warn that many of these investors may choose to sell at breakeven, making it harder for the rally to gain momentum again.
At the same time, broader market forces are offering a counterweight. The latest record high for the S&P 500 and record earnings from Nvidia, a bellwether for artificial intelligence, have buoyed sentiment across risk assets. Crypto ETFs are also playing a major role: flows into Bitcoin ETFs reached US$ 81 million in a single day, while Ether ETFs attracted US$ 307 million. Together with corporate demand, these products are absorbing nearly 3,600 BTC per day, providing a structural tailwind even as traders remain cautious.
Ethereum once again outperformed, gaining 2% in the last 24 hours and more than 6.7% over the week, trading near US$ 4,519. Optimism is driven by steady institutional inflows and renewed confidence in upcoming network upgrades. Its trading volume stayed high at close to US$ 38 billion over the past day, underscoring persistent demand from both professional investors and retail traders.
Among altcoins, XRP advanced 3.4% this week to just under US$ 3. With a market cap above US$ 178 billion, it remains the third-largest cryptocurrency. However, its performance highlights the gap between the top two leaders, which are benefiting from the dual push of institutional adoption and favorable policy momentum, especially in the US.
Latest developments
Beyond price action, the week was marked by two significant announcements. American Bitcoin, a miner backed by Donald Trump’s business network, confirmed plans to go public on Nasdaq in September, underscoring the deepening ties between crypto and US politics. Meanwhile, Chainlink secured a partnership with the US Department of Commerce to bring official government data on-chain, potentially unlocking broader smart contract use in regulated industries.
Taken together, these moves reinforce the sense that crypto is no longer just a speculative trade. The sector, in fact, is evolving into an ecosystem where technology, policy, and institutional finance are increasingly intertwined.
