The cryptocurrency market emerged from 110 days of stagnation on August 19 with a sudden explosion of prices. Bitcoin surged from under $65,000 to nearly $80,000 within hours, adding approximately $500 billion to the total market capitalization. This was followed by a flash crash on Saturday, with roughly $500 million in long positions liquidated within minutes and $110 billion wiped from the total cap in just 20 minutes. Analysts attribute this erratic behavior to leverage rather than a single fundamental catalyst. However, spot Bitcoin and Ethereum ETFs saw institutional inflows of $2.6 billion.
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