Bitcoin Consolidates Near $78,000 as Arbitrum Surges on Robinhood Chain Revenue

Bitcoin's price has consolidated near $78,000 after reaching a high of nearly $81,400 last week. Despite this calm period, the market remains relatively strong, with Nasdaq 100 futures down 0.5% since midnight.

The spot bitcoin ETFs have seen nine consecutive days of net inflows, attracting around $3.04 billion, but ended on Friday with a $202 million outflow and resumed Monday with $217 million in fresh inflows.

Arbitrum's token, ARB, has surged 30% over the past 24 hours due to rising futures participation and a buildup of long bets. The market doesn't appear overheated, with annualized funding rates near 8%. Robinhood Chain revenue has also contributed to Arbitrum's success.