Bitcoin gained approximately 25 to 30 percent in August 2024, rallying from early-month lows near $62,000-$64,000 to briefly surpass $81,000 before settling around $78,000-$79,000 by late August. This marked its strongest August performance since 2017, breaking a historical trend where August had a median return of negative 7 percent since 2013. Short liquidations hit a single-day record of $2.75 billion while US spot Bitcoin ETFs attracted $1.92 billion in inflows during the rally week alone. Bitcoin also broke above its 200-day moving average at roughly $69,000, a key technical level. Despite the impressive monthly gain, the asset remained down 28 to 33 percent year-to-date as of late August and roughly 37 percent below its 2025 peak near $126,000.
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