Bitcoin (BTC), $380 Million ETF Inflow...Pump.fun (PUMP) Leads Altcoin Rally

▲ Bitcoin (BTC), Rise/ChatGPT Generated Image

While Bitcoin (BTC) rebounded on ETF fund inflows and expectations of easing tensions between the US and Iran, Pump.fun (PUMP) surged 12%, leading the altcoin rally.

According to cryptocurrency media outlet Coingape on August 5 (local time), Bitcoin rose 0.6% to $64,046. Pump.fun and Hyperliquid (HYPE) rose 12% and 4% respectively. News that the US and Iran were making progress in negotiations to end a dispute that began in February boosted investor sentiment for risk assets.

The total cryptocurrency market capitalization increased by 0.79% to $2.19 trillion. The 24-hour trading volume was $55.4 billion. Bitcoin's market dominance was 58.7%, and Ethereum (ETH)'s market dominance was 10.3%. The Fear & Greed Index remained in the fear zone at 27, but with the S&P500 index reaching an all-time high of 7,775 on August 4, cryptocurrency buying also gained momentum.

Bitcoin spot ETFs saw inflows for two consecutive days. The cumulative net inflow this week exceeded $381 million. If the inflow trend continues until August 7, it will mark the strongest weekly performance since May. Bitcoin formed an ascending channel on the 4-hour chart, and the Relative Strength Index (RSI) was 56. The media analyzed that if it breaks above $64,545, the July 27 high of $65,700 could be the next target.

In the derivatives market, open interest increased by 1.37% to $114 billion. Bitcoin and Ethereum open interest accounted for 66% of the total, at $48 billion and $26 billion respectively. Liquidations occurring within a day amounted to $204 million, with 69,047 investors losing their positions. The largest single liquidation was a $6.45 million Bitcoin/USDC position on Binance.

Pump.fun recorded $0.0025, rising 34% from July 29 to August 5. The Relative Strength Index (RSI) entered the overbought zone at 73. The media analyzed that if the uptrend continues, $0.003 could act as a resistance level, and in case of a correction, $0.002 could act as a support level. Hyperliquid completed a rounded bottom pattern, and explained that if it closes above $60 for three consecutive days, a 17% increase reflecting the height of that pattern could be realized.

[Article Key Summary]

-Bitcoin rose to $64,046 as weekly net inflows into ETFs exceeded $381 million.

-The total cryptocurrency market capitalization increased to $2.19 trillion, but the Fear & Greed Index remained at 27.

-Pump.fun rose 12% and Hyperliquid rose 4%, leading the altcoin rally.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*