Bitcoin Eyes $80K as Ethereum Hits $2,500 and Altcoins Extend Rally

Bitcoin was trading around $79,200 on Monday, putting $80,000 roughly 1% away as Ethereum pushed through $2,500 and strength continued across major altcoins.

BTC has added more than 20% over the past week after a $3 billion short squeeze accelerated the breakout through $70,000 and $75,000. Ethereum was trading around $2,500, up about 3% over 24 hours and more than 30% from levels seen before last week’s rally.

Bitcoin ETF Inflows Add Spot Demand Behind Rally

U.S. spot Bitcoin ETFs drew roughly $1.92 billion across five consecutive positive sessions from August 17 through August 21, adding a substantial spot-demand component alongside the derivatives squeeze.

The strongest session came Thursday, when the funds attracted about $606 million, led by more than $500 million into BlackRock’s IBIT. Friday added another roughly $307 million, extending the inflow streak to five sessions.

Ethereum funds also participated, taking in roughly $697 million during the week as ETH moved rapidly through $2,000, $2,250 and eventually $2,500. Combined Bitcoin and Ether ETF inflows reached about $2.62 billion over the five sessions.

Ethereum Hits $2,500 as Altcoin Rally Broadens

Ethereum’s move through $2,500 extends the 18% ETH jump that started as Treasury yields eased and leveraged shorts were forced out.

Solana was trading near $96 after briefly breaking $100 for the first time since February. Zcash has also retained much of its recent 30% surge, while HYPE remains elevated following a run to record highs.

Bitcoin still controls most of the market’s liquidity, but ETH, SOL and other large-cap tokens are now participating with substantially stronger spot volumes than before the breakout. The next immediate test for BTC sits at $80,000, with last Friday’s high near $79,400 already bringing the level into play.

Strategy Skips Bitcoin Purchase and Builds Cash

Strategy made no Bitcoin purchases or sales between August 17 and August 23, leaving its treasury unchanged at 840,447 BTC with an aggregate cost of $63.36 billion and an average acquisition price of $75,385 per BTC.

The company instead sold 18.26 million MSTR shares for $2.01 billion in net proceeds. Of that amount, $300 million increased its designated USD Reserve to $5.10 billion, while another $1.59 billion established a separate USD Cash pool that can be deployed for Bitcoin purchases, dividends, debt payments or securities repurchases.

Bitcoin’s rebound above Strategy’s $75,385 average cost has already pushed its 840,447 BTC position back into profit. At $79,200, the position is worth roughly $66.6 billion, about $3.2 billion above its aggregate acquisition cost.

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