Bitcoin surged from $60,000 to $80,000 between August 17 and August 21, marking a 23% weekly gain driven by $1.92 billion in inflows to U.S. spot Bitcoin ETFs.
Ethereum followed suit, opening at $2,251.93 on August 20 and climbing to $2,293.10 by mid-morning—a 17.5% daily gain (Yahoo Finance) . The catalyst? President Trump pushed Congress to pass the Clarity Act, legislation that would define whether cryptocurrencies are regulated as securities or commodities.
However, the momentum proved fragile. On August 26, the market faced pressure from tariffs, gold ETF inflows, whale selling, and a dust attack on Kraken.
An Institutional, Not Retail, Story
What's noteworthy is who is driving this rally. U.S. spot Bitcoin and Ethereum ETFs recorded their best week of 2026, with market data indicating this was an institutional momentum play rather than retail-driven demand (Crypto Times) . This pattern aligns with earlier data showing that larger institutional accounts have been adding positions via over-the-counter channels and ETF products throughout the year (Crypto Times).
