TLDR
- Bitcoin held steady above $78,400 after a 24% gain in August, its best month since November 2024
- HYPE was the only major crypto gainer, up 4%, while Ether, Solana, Tron and Dogecoin all fell
- Strategy bought $370 million in Bitcoin last week, its first purchase in about two months
- US spot Bitcoin ETFs saw nine straight days of inflows before a $202 million outflow on Friday
- The S&P 500 and Nasdaq posted their best August since 2021, but September is historically the weakest month for stocks
Bitcoin stayed above $78,400 on Tuesday morning in Asian trading hours, even as other risk assets pulled back. The price swung between $77,200 and $79,200 over 24 hours but ended the period largely flat.
August was a strong month for Bitcoin. It gained 24%, making it the best performing month since November 2024.
Crypto Markets Mixed Across the Board
HYPE was the standout performer, rising about 4% to near $84. Most other major coins lost ground.
Ethereum dropped around 1% to just above $2,440. Solana fell a similar amount to near $104. XRP held just under $1.40, while BNB sat near $693.
Tron and Dogecoin had the worst sessions, each falling roughly 2%. Tron landed near 33 cents and Dogecoin near 8 cents.
Strategy returned as a Bitcoin buyer last week, spending $370 million. That was its first purchase in about two months.
US spot Bitcoin ETFs posted their strongest week of demand since October 2025 before Friday’s outflow of $202 million ended a nine-session winning streak. The $82,000 price level has been rejected each time Bitcoin has approached it.
“Market’s on edge but lacks directional conviction in the short term,” said Jasper De Maere, OTC trader at Wintermute.
Perpetual open interest is at its lowest since May, which analysts say suggests the August rally was driven by spot demand rather than leveraged bets.
Stocks End August Strong, But September Looms
US stocks fell on the final day of August. The S&P 500 dropped 0.3%, the Nasdaq fell 0.1%, and the Dow Jones Industrial Average lost 0.7%, or 373 points.
Despite that late dip, all three indexes closed August higher. The S&P 500 rose 2.6% for the month and the Nasdaq gained 3.9%. Both were their best August performances since 2021.
Strategists pointed to rising oil prices as a drag. Brent crude climbed nearly 1% to around $91 a barrel after US military action near the Strait of Hormuz over the weekend.
Reignited conflict in Iran pushed oil higher and added pressure to markets already watching the Federal Reserve closely.
The US 10-year Treasury yield rose to 4.78%. Traders now put about 64% odds on a rate hike at the September 16 Fed meeting, up from around 36% before Chair Kevin Warsh’s Jackson Hole address.
September is historically the weakest month for stocks. The S&P 500 and Dow both drop an average of 1.1% in September. The Nasdaq falls 0.8% on average.
Friday’s jobs report will be the last major labor data point before the September Fed meeting. A strong number could push yields higher and send Bitcoin back toward its overnight low of $77,200.
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