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.<\/p>\n
Bitcoin (BTC<\/a>) remains range-bound today. As of press time, it\u2019s 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. <\/p>\n Analysts at Glassnode noted in an X post<\/a> today that Bitcoin\u2019s returns \u201chave been largely flat\u201d over the past month, leaving it outperformed by most crypto sectors. Still, Glassnode pointed out in its weekly review<\/a>, published on Monday, that the market has shifted from seller exhaustion to a \u201cstrong rebound\u201d near recent all-time highs.<\/p>\n \u201cWhile momentum has returned, the move should be monitored closely, as elevated profitability and profit-taking potential could quickly alter sentiment,\u201d the analysts said.<\/p>\n Ethereum (ETH<\/a>) 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. <\/p>\n 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<\/a> data.<\/p>\n 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<\/a> from CoinGlass show.<\/p>\n Among other large-cap crypto assets, XRP<\/a> is trading flat today at $3.21, up 0.4% on the day and 5.6% for the week. Solana (SOL<\/a>) is holding steady at $178, up 0.5% over the past day.<\/p>\n The total crypto market capitalization stands at $4.09 trillion, flat on the day after reaching a new all-time high yesterday<\/a>.<\/p>\n Dom Harz, co-founder of hybrid Bitcoin Layer 2 BOB, told The Defiant that Bitcoin is moving \u201cdeeper into the financial mainstream\u201d as institutional inflows keep growing.<\/p>\n \u201cAs institutions grow their reserves, they\u2019ll seek to put those holdings to work, driving innovation and accelerating development. This shift will cement Bitcoin\u2019s role not just as a store of value, but as a fully functional layer in the global financial system,\u201d Harz said in comments shared with The Defiant.<\/p>\n Today\u2019s CPI report revealed that U.S. inflation stayed steady at 2.7% in July, surprising<\/a> economists who expected a rise due to tariffs imposed by President Trump.<\/p>\n Paul Howard, a senior director of high-frequency crypto market maker Wincent, told The Defiant that markets \u201chad anticipated July\u2019s CPI to tick up slightly to 2.8% from June\u2019s 2.7%.\u201d Instead, the figure held steady \u201cdespite inflationary pressure from tariffs.\u201d<\/p>\n \u201cThis outcome is bullish for BTC and ETH, as it increases the likelihood of a potential U.S. rate adjustment,” Howard added.<\/p>\n Trump\u2019s tariffs, which were widened<\/a> in early August, have raised concerns about higher domestic prices. Inflation rose in June amid early signs of the trade war affecting consumers.<\/p>\n![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.thedefiant.io%2Fad_4nxdfpfswa2lzmiwop0ai3xqbpacffwi3wirj9-nlr4fe4grvd9vnmzlq-d843ef3d-c784-4969-9c15-fa5b43ca882f.png&w=3840&q=100\"\/)
Inflation Holds Steady<\/h2>\n