Why Is The Crypto Market Up Today?

What Happened

Institutional demand is doing the heavy lifting. US spot Bitcoin ETFs drew inflows for a third straight day, taking in $170 million on August 3, $211 million on August 4 and $244 million on August 5.

The Driver: BTC ETFs drew inflows three days running

The Sum: About $626 million added since August 3

Market Context

The crypto market edged up on Thursday, with TOTAL (the market cap ticker) near $2.19 trillion, up about 0.5% but trading mostly flat at the time of reporting.

Three straight days of Bitcoin ETF inflows kept a bid under prices. Yet the move stalled at a familiar resistance wall, as uneven fund flows and caution before Friday’s jobs report held gains in check.

1. Bitcoin ETF Inflows Keep a Bid Under the Market

As a result, Bitcoin has held above $64,700 at press time and the market stayed green. The run marks a clear turn from July 31, which closed with a $265 million outflow.

2. Uneven Flows and Jobs Jitters Cap the Move

The Wall: $2.20 trillion has capped rallies since July 27

Pi Network (PI) is a rare gainer, up about 6% at $0.091, though it sits just 29% above its $0.070 all-time low and remains down 19% on the month. The question is whether it can escape the falling channel that has capped it since June 20.

There is a flicker of hope. Buy volume has risen relative to July 28 while selling has faded since July 27, hinting at real demand. PI must reclaim $0.096, then break $0.105 to turn neutral-to-bullish, with $0.113 the true bullish line.

Volume Story: Buy volume up, selling fading since late July

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Why It Matters

Meanwhile, traders are holding fire before Friday’s US jobs report, hoping for moderate hiring that supports risk without reviving hikes.

Details

The Turn: July ended red with a $265 million outflow

So why only marginal gains? The optimism is not uniform. Beyond Bitcoin, other products lag, with the XRP ETF logging a $3.58 million outflow on August 5, a sign appetite is selective.

On the chart, TOTAL keeps failing at the $2.20 trillion wall it lost on July 27. Only a clean reclaim opens $2.26 trillion, while $2.16 trillion, $2.13 trillion and $2.09 trillion line up as support.

The Split: XRP ETF saw a $3.58 million outflow

The Catalyst: Friday’s jobs report is the next test

Coin Spotlight: Pi Network (PI)

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The $0.096 test decides it, with a reclaim pointing to $0.105 and a loss of $0.086 reopening the $0.070 all-time low.

The Setup: Falling channel since June 20, now tested

Break Line: Above $0.105 turns bullish; below $0.086 weakens