Bitcoin's August Rally Among Strongest Weekly Gains Since 2020, Says Binance Report

Bitcoin and other major cryptocurrencies staged a strong rally in August, according to Binance Research. The broader crypto market gained as investor flows returned to digital assets.

Bitcoin rose 20.80 per cent in August, while several other cryptocurrencies posted bigger gains. HYPE gained 50.20 per cent, followed by Chainlink at 38.80 per cent, Solana at 35.30 per cent and Ether at 28 per cent.

Binance Research attributed the broader crypto market rally to stronger exchange-traded fund (ETF) flows and macroeconomic conditions. Spot Bitcoin ETFs recorded US$3.52 billion in inflows during the month, compared to $172 million in July.

The report said the rally was driven largely by macroeconomic conditions rather than crypto specific developments. Treasury buyback activity put pressure on yields and the dollar, while around $2.70 billion worth of short positions were liquidated as demand returned to the market.