CoinDesk
Bitcoin slipped nearly 1% to around $79,000 in Asian morning trading Wednesday as traders took profits after a 23% weekly rally. Ether fell over 1% to just under $2,465 and Solana dropped over 3% to below $97, while XRP led the major tokens with an almost 45% weekly gain. CryptoQuant’s Bull Score jumped from 30 to 80, its highest since Oct. 6, 2025, with eight of 10 indicators bullish and spot and futures demand expanding together.
Why it matters
The daily pullback has not erased the broader demand signal. CryptoQuant said apparent spot demand is growing at its fastest monthly pace since late December, and spot and futures demand are expanding together for the first time since early October 2025. That combination makes the move look more like profit-taking after a fast rally than a broad reversal.
The signal is broad but uneven. Zcash fell almost 6% while holding a 55% weekly gain, the strongest of the group, as a dedicated U.S. spot ETF went live. Ether and Solana retained weekly gains of nearly 29% and 16%. HYPE was the only major token to rise over 24 hours, gaining almost 3% to just over $81 and nearly 40% on the week.
Market impact
Most major tokens moved lower over 24 hours, with Dogecoin down almost 5%, BNB nearly 2% and XRP more than 4%. Asian equities diverged from crypto as MSCI’s Asia Pacific index rose 1% on lower oil prices and easing inflation concerns. Investors now face U.S. second-quarter GDP figures due Wednesday morning, July PCE inflation, Nvidia’s earnings and Federal Reserve Chair Kevin Warsh’s first Jackson Hole keynote on Friday. Markets put roughly 60% odds on a September rate hold at 3.50% to 3.75%.
Frequently asked questions
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Why did Bitcoin pull back after its weekly rally?
Traders took profits after Bitcoin gained 23% over the week, pushing it nearly 1% lower over 24 hours.
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Why is CryptoQuant’s Bull Score of 80 notable?
The score jumped from 30 to 80, its highest since Oct. 6, 2025. Eight of the 10 tracked indicators are bullish.
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How are spot and futures demand changing?
Apparent spot demand is growing at its fastest monthly pace since late December. Spot and futures demand are expanding together for the first time since early October 2025.
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Which tokens kept the largest weekly gains during the pullback?
XRP led the major tokens with an almost 45% weekly gain, while Zcash held a 55% gain. Ether and Solana retained nearly 29% and 16% weekly gains.
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Which upcoming events could move crypto markets?
Investors were awaiting U.S. second-quarter GDP, July PCE inflation, Nvidia’s earnings and Fed Chair Kevin Warsh’s first Jackson Hole keynote. Markets put roughly 60% odds on a September rate hold at 3.50% to 3.75%.
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