Bitcoin Defies Equities Downturn on ETF Bids and Exhausted Profit-Taking

The S&P 500 has fallen for three consecutive sessions due to rising Treasury yields and oil prices, but Bitcoin has bucked this trend.

Bitcoin rose 2.6% on August 17, its highest close in 10 days, and followed through yesterday to close at $64,775. This move is driven by the return of spot Exchange Traded Funds (ETF) bids, with $486.8 million added across the last two sessions.

The market's capacity to take profit has been largely exhausted: long-term holders are realising losses at minimal ratios since June, short-term holders are transacting at break-even, and the aggregate profit ratio of every coin moved on-chain has now closed below par for 10 consecutive sessions.