Bitcoin Holds Above $78K as HYPE Rallies While Major Tokens Slide

Bitcoin remained slightly above $78,000 on Tuesday as most major cryptocurrencies declined, while HYPE was one of the few large-cap tokens to post a gain. The moves came as traders increased bets that the Federal Reserve could take a more hawkish stance.

Bitcoin was trading around $78,400 during Asian morning hours, showing little change over the previous 24 hours. The cryptocurrency moved within a range of roughly $77,200 to $79,200, according to CoinDesk data.

Bitcoin finished August with a 24% gain, marking its strongest monthly performance since November 2024. Strategy also resumed its Bitcoin purchases last week, acquiring about $370 million worth of BTC after roughly two months without buying.

HYPE stood out among major tokens, gaining around 4% to trade near $84. Ether slipped about 1% to just above $2,440, while Solana fell roughly 1% to around $104. XRP remained just below $1.40, and BNB traded near $693.

Tron and Dogecoin recorded the largest declines among the major tokens, each losing roughly 2% to trade near 33 cents and 8 cents, respectively.

Asian Markets Mixed as Oil Climbs

Broader Asian markets were also under pressure. Hong Kong’s Hang Seng Index fell about 1% to around 25,300, with Tencent and Meituan each losing close to 3%.

Japan’s Nikkei declined to about 66,185, while South Korea’s Kospi managed a modest gain as semiconductor stocks recovered.

Brent crude rose nearly 1% to around $91 per barrel following US military action near the Strait of Hormuz over the weekend.

Oil Adds to Fed Rate Concerns

Rising oil prices are increasingly influencing expectations for interest rates. The US 10-year Treasury yield edged up to 4.78%, while traders placed roughly a 64% probability on a Federal Reserve rate hike at the Sept. 16 meeting. That compares with around 36% before Fed Chair Kevin Warsh’s Jackson Hole speech.

Gold also weakened, trading near $4,435 an ounce after posting a 10% gain in August.

Yusuf Fakhro, a partner at ARP Digital, said Bitcoin’s ability to remain near $78,000 following its 23% August rally could be more significant than the rally itself.

He pointed to declining perpetual futures open interest, now at its lowest level since May, alongside US spot Bitcoin ETFs recording their strongest week of demand since October 2025. According to Fakhro, the combination suggests August’s rally was largely supported by spot buying rather than excessive leverage.

ETF Inflows Lose Momentum

That institutional demand has already begun to weaken. Wintermute data showed approximately $924 million flowed into US Bitcoin ETFs across nine consecutive positive sessions before a $202 million outflow on Friday ended the streak.

Bitcoin has also struggled to break above $82,000, with the level rejected on each attempt.

“Market’s on edge but lacks directional conviction in the short term,” said Jasper De Maere, an OTC trader at Wintermute.

Friday’s US payrolls report will be the final major labor-market indicator before the September FOMC meeting. With expectations for a rate hike already near two-thirds, a stronger-than-expected jobs report could push Treasury yields higher and put renewed pressure on Bitcoin toward the $77,200 overnight low.

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