- Bitcoin reached about $79,300 before retreating toward $77,700.
- Bhutan moved 490.87 BTC into fresh wallets, but no sale is confirmed.
- US spot Bitcoin ETF inflows exceeded $1.12 billion across two sessions.
Bitcoin price reached about $79,300 on August 21 before easing near $77,700. CoinGecko recorded an 8.3% daily gain and a $71,224 to $79,320 range. The rally coincided with Bhutan moving 490.87 BTC into new addresses. ETF inflows and forced short covering also supported the advance, while rising leverage increased the risk of sharp reversals.
Bitcoin Price Rally Meets Bhutan Government Wallet Transfer
Onchain Lens tracked 490.87 BTC worth $32.74 million leaving wallets linked to Bhutan’s government. A 485 BTC transfer, valued at $32.31 million, formed the largest transaction. An earlier 300 BTC move reportedly reached the same destination. The receiving wallet later held more than 2,018 BTC.
The transfers revived sale concerns after Bhutan’s identified holdings declined sharply since 2024. Still, the coins moved to a fresh wallet, not a labeled exchange address. The blockchain records therefore confirm movement but do not prove a sale. Bhutan’s hydropower-backed mining program originally built much of the sovereign position.
At the latest market rate, the transferred Bitcoin carries a value near $38 million. That valuation differs from the recorded transfer value during the market rally.
Bitcoin Price Gains Support From ETFs and Short Squeeze
Farside Investors recorded $517.2 million of U.S. spot ETF inflows on August 19. Funds added another $606.3 million on August 20. BlackRock’s IBIT supplied $787.7 million across both sessions. The two-day inflow reached $1.12 billion, showing institutional demand supported the Bitcoin price breakout.
Derivatives amplified the move. Bitcoin open interest climbed above $56.9 billion, while 24-hour crypto liquidations approached $1.5 billion. CME and Binance also recorded increases in open positions during the advance. About $825 million involved Bitcoin positions, with short traders carrying most losses. More than 170,000 traders faced forced closures. The largest order reached $23.59 million on Hyperliquid.
Ali Martinez identified $75,733 as the breakout threshold. His analysis places the next major supply cluster between $83,307 and $84,569. Nearly one million BTC previously changed hands there. The Bitcoin price must hold above the breakout while spot demand absorbs sellers near that higher cluster.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
