ETF Outflows Rock Crypto Markets
Bitcoin’s momentum showed signs of cooling as an overvaluation metric flashed red, increasing the likelihood of profit-taking among holders. The largest cryptocurrency was trading near $114,800, about 6% below its recent all-time high of $124,128 reached last week, suggesting more sideways movement in the near term.
Ethereum also eased slightly, changing hands at $4,235, down by 0.65% over the last twenty-four hours. The global crypto market capitalization standing at $3.88 trillion, down 0.17% in the same period.
Amid this, certain altcoins outperformed. OKB extended its extraordinary run, gaining 10.05% in the past 24 hours to complete a staggering 171.7% surge over seven days. The rally follows OKX’s August 15 token burn of 65 million OKB, which capped supply at 21 million, alongside a major X Layer upgrade that tripled throughput to 5,000 transactions per second while deepening ecosystem integration.
Polygon’s POL token rose over 6% to $0.2571, lifting its seven-day gain to 8.12%, buoyed by Polygon’s DeFi TVL hitting $1.23 billion, up 43% year-to-date with $123 million inflows in the past month.
Mantle’s MNT also rallied 5.12% to $1.28, extending its weekly gain to 24.95% and monthly surge to 59.92%, underpinned by a strategic Bybit partnership and strong staking demand.
Elsewhere, XRP, ADA, BNB, and CRO edged nearly 2% higher, while DOGE, HYPE, UNI, ENA, PI, TON, and APT slipped 2–5%.
ETF flows were negative, with Spot Bitcoin ETFs seeing $121.7 million outflows on August 18, Spot Ether ETFs losing $196.6 million, and staked Solana ETFs recording a $2.2 million outflow.
Despite this, institutional accumulation continues. Strategy acquired 430 BTC last week at an average of $119,666, raising its holdings to 629,376 BTC worth approximately $46.15 billion.
Nasdaq-listed KindlyMD also announced a $200 million convertible note offering to purchase more Bitcoin, with no interest due for the first two years and 6% thereafter.
Meanwhile, CBOE submitted a 19b-4 filing with the SEC to list Canary’s Staked Sei ETF, though SEI slipped nearly 5% to $0.3156.
Outlook
Looking forward, investor attention turns to the Fed’s Jackson Hole symposium for policy signals, alongside upcoming U.S. jobless claims data. Analysts view recent pullbacks as healthy corrections supported by ETF flows and corporate Bitcoin and Ether accumulation.
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