Bitcoin Holds Above $77K as Institutional Money Fuels Growth

Bitcoin has maintained its price above $77,000 despite a slight drop to $77,316 on Tuesday. The cryptocurrency's August performance was strong, closing at $78,571, its highest since 2017. This growth was largely driven by institutional money, with spot Bitcoin ETFs taking in a net $2.77 billion between August 14 and September 1.

The inflows were consistent, averaging around $213 million per session, but not explosive. BlackRock's IBIT supplied $503 million on a single day and $2.22 billion of the period's net total. Fidelity's FBTC swung from buying to selling inside two weeks, while Grayscale's GBTC managed one positive day before reverting to small redemptions.

Pseudonymous analyst PlanB views this as a structural shift rather than a bounce, citing that roughly half the circulating supply was underwater before August but has now fallen to around a quarter. This thins the market of forced sellers and indicates potential for higher prices.