Bitcoin Consolidates Near $80,000 Following Squeeze and Treasury Buybacks

Bitwise’s Solana exchange-traded fund became the first dedicated SOL ETF to surpass $1 billion in assets under management.

The milestone coincides with institutional interest expanding beyond Bitcoin and Ethereum, supported by a recent governance vote on the Solana network that approved a reduction in inflation rates with 67% community support.

Decentralized exchange token Hyperliquid (HYPE) hit a new all-time high of $83.27 before pulling back near the $77 mark. The surge was driven by record daily protocol fee collection—surpassing $6 million in a single 24-hour period—and integration momentum.

Traders are closely monitoring a major cliff unlock scheduled for August 29, releasing 14.17 million tokens (roughly $1.2 billion, or 1.4% of total supply) into circulation, primarily allocated to early investors.

Bitwise’s Solana exchange-traded fund became the first dedicated SOL ETF to surpass $1 billion in assets under management.

The milestone coincides with institutional interest expanding beyond Bitcoin and Ethereum, supported by a recent governance vote on the Solana network that approved a reduction in inflation rates with 67% community support.

Stablecoin issuer Circle secured a major sports sponsorship, becoming a front-of-shirt partner for English Premier League club Chelsea FC.

The partnership is aimed at boosting retail and global institutional adoption of USDC, reflecting a wider push across European sports markets to integrate tokenized asset rails and digital currencies into commercial fan ecosystems.

Bitcoin hit an intraday high past $81,280 before consolidating around $79,600. The rally was driven by short squeezes, sustained U.S. spot ETF inflows—which topped $232 million in a single session—and macro sentiment boosted by U.S.

Treasury bond buyback announcements. Analysts note that almost 8% of total BTC supply was previously acquired near the $80,000–$82,000 zone, forming key short-term resistance.