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U.S. spot Bitcoin ETFs absorbed $2.8 billion across eight consecutive sessions, helping Bitcoin trade near $80,000 after a nearly 2% 24-hour gain and an overnight run to $81,280. Solana climbed more than 4% to nearly $101 and is up 20% over seven days, while Ether and XRP each gained close to 11% over the week. The rally is running into Federal Reserve Chair Kevin Warsh's first Jackson Hole keynote, a key read before the Sept. 16 FOMC meeting.
Why it matters
The ETF bid has become the rally's clearest support. The eight-session streak is the longest since April, and August flows have cleared $3 billion with one trading day left, making it the strongest month of 2026. One more net-buying session through the keynote would lift August past October 2025 as the biggest inflow month since the funds launched.
The rates backdrop is less supportive. Futures price a 35% chance of a September hike and fully price a move by December, yet Bitcoin has added 9% in a week. That divergence puts Warsh's remarks at the center of near-term positioning and tests whether spot demand can keep absorbing overhead supply.
Market impact
Solana's 20% weekly gain led the major-coin move, while Ethena's ENA rose 45% after a governance vote to route protocol revenue into buybacks and restructure venture unlocks.
Macro pressure eased as Brent slipped below $90 and fell more than 5% on the week after Iran and Oman agreed terms on administering the Strait of Hormuz. Bitfinex analysts placed overhead supply between $77,100 and $80,000, while the May high sits just below $83,000. Those levels, ETF flows and Warsh's rate signal define the next market test.
Frequently asked questions
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What supported Bitcoin near $80,000 during the rally?
U.S. spot Bitcoin ETFs absorbed $2.8 billion across eight consecutive sessions, helping support the move toward $80,000.
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How did Solana perform against the other major cryptocurrencies?
Solana climbed more than 4% to nearly $101 and gained 20% over seven days, leading the major-coin move.
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What rate path are futures pricing before Warsh's speech?
Futures price a 35% chance of a September hike and fully price a rate move by December.
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Why is August important for spot Bitcoin ETF flows?
August flows have cleared $3 billion with one trading day left. Another net-buying session would make the month the biggest inflow month since the funds launched, surpassing October 2025.
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Which Bitcoin price levels are traders watching before the keynote?
Bitfinex analysts placed overhead supply between $77,100 and $80,000, while the May high sits just below $83,000.
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