Bitcoin Consolidates After 23% Surge as Trading Volume Falls
Bitcoin has entered a consolidation phase after a 23% price surge over the past two weeks. According to K33 Research, Bitcoin's average daily spot trading volume declined by 35% over the past week, reaching $3.1 billion.
This drop in trading activity followed a period of heightened activity during the recent rally. However, compared to levels before the breakout, trading activity remains significantly elevated, with volumes still 48% higher than the average between July 1 and August 15.
Bitcoin's correlation with gold reached an all-time high of 0.52 over the past 90 days, while its correlation with the Nasdaq dropped to its lowest point in 2026.
The institutional demand for Bitcoin via exchange-traded products (ETPs) remained strong in August, with global Bitcoin ETPs recording net inflows of 52,152 BTC, the largest since November 2024.