Hassan Maishera
TL;DR
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Bitcoin declined nearly 1% to around $79,000 as traders locked in profits following a 23% weekly gain.
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XRP led losses among major cryptocurrencies, dropping more than 4%, while Zcash fell nearly 6%.
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HYPE was the only major token to advance, gaining almost 3% and extending its weekly rally to roughly 40%.
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CryptoQuant’s Bull Score climbed from 30 to 80 as eight of its 10 market indicators turned bullish.
Bitcoin retreated toward $79,000 during Asian trading hours on Wednesday, declining almost 1% as investors took profits following a strong week for the cryptocurrency market.
Despite the pullback, Bitcoin remains approximately 23% higher over the past seven days. Most major altcoins also traded lower as the market paused following the broad rally.
XRP and Zcash Lead Crypto Market Losses
XRP recorded the steepest decline among major cryptocurrencies, falling more than 4% to slightly above $1.44. The token nevertheless remains the strongest weekly performer among several large-cap assets, with a gain of nearly 45%.
Privacy-focused Zcash dropped almost 6% to just above $783. However, its 55% weekly advance was the largest among the group as a dedicated spot Zcash exchange-traded fund began trading in the United States.
Dogecoin declined almost 5% to below $0.09, while Solana lost more than 3% to trade just under $97. Tron also fell nearly 3% to approximately $0.34.
BNB slipped almost 2% to a little above $695, maintaining a weekly gain of nearly 16%. Ether declined more than 1% to below $2,465 but remained about 29% higher over the week.
Hyperliquid’s HYPE was the only major cryptocurrency to post a gain during the session.
The token rose nearly 3% to above $81, extending its seven-day advance to almost 40%. Its relative strength stood out as traders reduced exposure across most of the wider crypto market.
CryptoQuant Bull Score Rises to 80
Although prices pulled back, several market valuation and demand indicators continued to strengthen.
CryptoQuant’s Bull Score, which tracks 10 market and on-chain indicators, surged from 30 to 80 over the past week. This was its highest reading since October 6, 2025, when Bitcoin traded near $124,000.
Eight of the index’s 10 components are now flashing bullish signals. CryptoQuant also reported that apparent spot demand is expanding at its fastest monthly pace since late December.
Spot and futures demand are increasing simultaneously for the first time since early October 2025, suggesting broader participation in the market recovery.
US Economic Data and Jackson Hole Speech Come Into Focus
Investor attention is turning toward a series of major US economic and monetary policy developments.
Second-quarter gross domestic product figures are due Wednesday morning, followed by July’s Personal Consumption Expenditures inflation data. Federal Reserve Chair Kevin Warsh is also scheduled to deliver his first Jackson Hole keynote as chair on Friday.
Markets currently assign an approximately 60% probability that the Federal Reserve will hold interest rates within the 3.50% to 3.75% range at its September meeting.
