On Wednesday morning in Asian trading hours, Bitcoin fell by nearly 1%, dropping to around $79,000 as traders locked in profits following a week in which it had gained 23%.
XRP led the declines among major cryptocurrencies, falling more than 4% to just over $1.44, although it still leads this week's gains with an increase of nearly 45%. Privacy-focused Zcash dropped nearly 6% to just over $783, while maintaining a weekly gain of 55%—the strongest in the group—following the launch of a specialized spot ETF in the U.S.
Dogecoin fell nearly 5% to just under 9 cents, Solana was down more than 3% to just under $97, and Tron slipped almost 3% to nearly 34 cents.
BNB fell nearly 2% to just over $695, and Ethereum was down more than 1% to just under $2,465, maintaining weekly gains of nearly 16% and 29%, respectively. Hyperliquid (HYPE) was a notable gainer, rising nearly 3% to just over $81 and up nearly 40% for the week.
Sentiment indicators moved in the opposite direction. CryptoQuant's Bull Score, which tracks 10 market and on-chain indicators, jumped from 30 to 80 over the week, reaching its highest level since October 6, 2025, when Bitcoin traded around $124,000. Now, 8 out of 10 indicators point to a bullish trend.
As the company reported, visible spot demand has been growing at its fastest monthly pace since late December, with demand for spot and futures contracts rising simultaneously for the first time since early October 2025.
Source: CryptoQuant.
Meanwhile, stock markets moved in the opposite direction from cryptocurrencies. The MSCI Asia Pacific index rose 1%, boosted by shares of Samsung Electronics and SK Hynix, and appears set for its fourth gain in five sessions as falling oil prices eased inflation concerns.
Nvidia snapped a 7-day losing streak on Wall Street ahead of its earnings report on Wednesday, while U.S. stock futures recouped earlier losses.
Attention is shifting to Q2 GDP data due for release on Wednesday morning and July PCE inflation data, before Fed Chair Kevin Warsh delivers his first policy speech at Jackson Hole on Friday. Markets are pricing in roughly a 60% chance that the Fed will keep interest rates at 3.50%-3.75% in September.
