Crypto Markets Mostly Flat, While ETH Surges Toward 2021 Highs – Crypto News – Crypto News
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Crypto Markets Mostly Flat, While ETH Surges Toward 2021 Highs Crypto Markets Mostly Flat, While ETH Surges Toward 2021 Highs

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Crypto Markets Mostly Flat, While ETH Surges Toward 2021 Highs – Crypto News

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Ethereum is leading top cryptocurrencies today, after ETH ETFs see highest daily inflows ever.

Crypto markets are showing a mixed picture on Tuesday, Aug. 12, as Ethereum surges toward its 2021 highs, while Bitcoin stalls and liquidations top $400 million.

Bitcoin (BTC) remains range-bound today. As of press time, it’s trading at about $119,670, up 0.7% over the past 24 hours. BTC has gained 6% on the week, however, reaching above 122,000 yesterday.

BTC 24-hour price chart. Source: CoinGecko

Analysts at Glassnode noted in an X post today that Bitcoin’s returns “have been largely flat” over the past month, leaving it outperformed by most crypto sectors. Still, Glassnode pointed out in its weekly review, published on Monday, that the market has shifted from seller exhaustion to a “strong rebound” near recent all-time highs.

“While momentum has returned, the move should be monitored closely, as elevated profitability and profit-taking potential could quickly alter sentiment,” the analysts said.

Ethereum (ETH) is leading gains among the top-ten cryptocurrencies by market cap, rising 2.5% on the day and 25% over the past week to trade around 4,450, a level not seen since 2021. ETH is currently trading just 8.7% below its all-time high of $4,878.26, reached in November 2021.

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ETH 24-hour price chart. Source: CoinGecko

The surge in the price of ETH was fueled by a record $1.02 billion in net inflows into spot ETH ETFs yesterday, Aug. 11, the highest since their launch, according to SoSoValue data.

The buying momentum was further supported by more than $150 million in short ETH liquidations over the past 24 hours, with over $20 million wiped out in just the past hour amid the price jump. In total, the crypto market saw over $414 million in liquidations over the past 24 hours, data from CoinGlass show.

Among other large-cap crypto assets, XRP is trading flat today at $3.21, up 0.4% on the day and 5.6% for the week. Solana (SOL) is holding steady at $178, up 0.5% over the past day.

The total crypto market capitalization stands at $4.09 trillion, flat on the day after reaching a new all-time high yesterday.

Dom Harz, co-founder of hybrid Bitcoin Layer 2 BOB, told The Defiant that Bitcoin is moving “deeper into the financial mainstream” as institutional inflows keep growing.

“As institutions grow their reserves, they’ll seek to put those holdings to work, driving innovation and accelerating development. This shift will cement Bitcoin’s role not just as a store of value, but as a fully functional layer in the global financial system,” Harz said in comments shared with The Defiant.

Inflation Holds Steady

Today’s CPI report revealed that U.S. inflation stayed steady at 2.7% in July, surprising economists who expected a rise due to tariffs imposed by President Trump.

Paul Howard, a senior director of high-frequency crypto market maker Wincent, told The Defiant that markets “had anticipated July’s CPI to tick up slightly to 2.8% from June’s 2.7%.” Instead, the figure held steady “despite inflationary pressure from tariffs.”

“This outcome is bullish for BTC and ETH, as it increases the likelihood of a potential U.S. rate adjustment,” Howard added.

Trump’s tariffs, which were widened in early August, have raised concerns about higher domestic prices. Inflation rose in June amid early signs of the trade war affecting consumers.

The inflation reading arrives as Trump continues to push Federal Reserve Chair Jay Powell to cut interest rates, adding today on Truth Social that he is “allowing a major lawsuit against Powell to proceed.” While most Fed officials prefer to wait before easing rates until the tariff impact is clearer, some argue the price effects will be limited.

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