Why Is The Crypto Market Up Today?
The crypto market edged higher on Monday, with TOTAL, the total market cap, near $2.20 trillion, up about 0.72% since Sunday’s close.
Bitcoin held near $65,200 as ETF inflows kept a bid under prices ahead of Wednesday’s US inflation print.
1. Bitcoin ETF Inflows Keep the Crypto Market Green
Institutional demand is doing the heavy lifting. With Bitcoin dominance above 57%, spot Bitcoin ETF flows set the market’s tone, and they have stayed positive.
The products logged zero outflow days in August, a turn from July 31’s red print, with about $853 million added in the week to August 7.
As a result, the bid held Bitcoin above $65,000 and lifted TOTAL over $2.20 trillion. If the streak holds, buyers stay in control; if it stalls, support fades.
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- The Engine: BTC dominance above 57% makes ETF flows the main bid
- Current Streak: Zero outflow days in August, last red July 31
- Previous Week: About $853 million added in the week to August 7
2. A Soft CPI Read Is What the Bid Must Survive
The ETF bid faces a test Wednesday, when July CPI decides if the $2.20 trillion reclaim sticks. Consensus sits near 3.4% headline and 0.2% core. The risk skews hot, since June core printed a soft 0.0%, a low base hard to repeat.
BofA on July CPI: Headline likely rose by a modest 0.1% m/m (3.4% y/y) as gas prices fell again
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) August 7, 2026
For core CPI, we forecast a 0.20% m/m increase & 2.5% y/y, which would be the lowest reading since January. Core services inflation of 0.3% m/m
core PCE forecast for July at 0.24%
A hot core reopens the Fed hike debate before September. On the chart, TOTAL just cleared the $2.20 trillion wall that capped it since August 5. Holding it keeps $2.26 trillion in view, while a break exposes $2.16 trillion and $2.12 trillion.
- The Gate: Wednesday’s CPI tests whether the ETF bid holds
- The Skew: June’s 0.0% core sets a soft base for a hot read
- Critical Line: TOTAL must defend $2.20 trillion for $2.26 trillion
Coin Spotlight: Pump.fun (PUMP)
Pump.fun (PUMP) is the standout gainer, up about 16% at $0.0028 and extending its monthly advance toward 100% as ETF-driven risk appetite lifted momentum names. On August 9, it broke a flag and pole pattern on its strongest volume since July 27, with the pole projecting about 125%.
The breakout cleared the 0.618 Fibonacci level, a common support marker, at $0.0027, but stalled near $0.0028. Buy volume must hold to clear $0.0028, then $0.0030 and $0.0035. The setup weakens only if PUMP loses $0.0022.
The $0.0028 ceiling separates a run at $0.003 from more consolidation.
- The Breakout: Flag and pole cleared August 9 on strong volume
- Current Ceiling: The 0.786 fib near $0.0028 blocks a push to $0.0030
- Invalidation: A drop under $0.0022 breaks the bullish setup