Bitcoin News Today: Bitcoin nears ATH amid ETF optimism but faces price-activity divergence

Bitcoin’s price has climbed near its all-time high (ATH) in early August 2025, supported by bullish sentiment around Bitcoin ETFs and a tightening supply environment. On August 8, 2025, the cryptocurrency traded at $117,096.6875 USDT, up 0.49% in the previous 24 hours [7]. Technical indicators suggest the price is above its historical average, with a Z-Score of +1.5σ [1]. The stock-to-flow (S2F) ratio has surged by 75% year-to-date, reinforcing Bitcoin’s deflationary narrative and drawing attention from both retail and institutional investors [1]. On-chain data also shows a 25.47% weekly increase in new addresses and an 11.11% rise in active addresses, indicating growing participation [1].

However, key on-chain metrics reveal a divergence between price action and network fundamentals. The Activity–Price Divergence (APD) remains at -1.5 after briefly rebounding from -2, highlighting that price growth continues to outpace on-chain activity [1]. While the gap has narrowed, it has not closed, raising questions about the sustainability of the rally. Miners appear to be playing a stabilizing role, with the Miners’ Position Index (MPI) at -0.46, indicating restrained selling behavior. Despite a 25.8% rise in the past 24 hours, miner outflows remain below their yearly average, reducing supply pressure [1].

The market is also navigating a key technical level represented by the $113,000 to $115,000 consolidation range following the closure of the CME Gap [8]. Historical patterns suggest such gaps often serve as temporary resistance points that require time and volume to overcome. A Reddit discussion on August 9, 2025, forecasts that Bitcoin could continue rallying to new highs anywhere between 12 months and 26 months from April 2025 [4]. This implies that further volatility may be expected before a potential breakthrough.

Institutional and corporate interest in Bitcoin is also on the rise. CleanSpark, a Bitcoin mining firm, reported record revenue in early August [6], and Coinbase introduced a new decentralized exchange (DEX) feature for U.S. users on August 8, 2025, signaling improved on-ramping for new investors [7]. These developments could enhance liquidity and price discovery in the short to medium term.

Despite the strong momentum, market participants remain cautious. The lingering price-activity gap and macroeconomic uncertainties underscore the need for continued monitoring of ETF flows, mining supply dynamics, and on-chain metrics. Should on-chain participation continue to grow and supply pressures remain stable, the rally could maintain its trajectory. If not, a correction may be necessary to realign price with fundamentals [1].

Source:

[1] AMBCrypto – [https://ambcrypto.com/bitcoins-price-eyes-new-ath-but-this-gap-could-slow-btcs-rally/](https://ambcrypto.com/bitcoins-price-eyes-new-ath-but-this-gap-could-slow-btcs-rally/)

[2] CoinDCX – [https://coindcx.com/blog/crypto-deep-dives/crypto-bull-run-2025/](https://coindcx.com/blog/crypto-deep-dives/crypto-bull-run-2025/)

[4] Reddit – [https://www.reddit.com/r/BitcoinMarkets/comments/1mlg0v0/daily_discussion_saturday_august_09_2025/](https://www.reddit.com/r/BitcoinMarkets/comments/1mlg0v0/daily_discussion_saturday_august_09_2025/)

[6] Coindoo – [https://coindoo.com/cleanspark-revenue-record-bitcoin-litecoin-and-xrp-back-in-bullish-analyst-forecasts/](https://coindoo.com/cleanspark-revenue-record-bitcoin-litecoin-and-xrp-back-in-bullish-analyst-forecasts/)

[7] The Economic Times – [https://m.economictimes.com/crypto-news-today-live-08-aug-2025/liveblog/123173392.cms](https://m.economictimes.com/crypto-news-today-live-08-aug-2025/liveblog/123173392.cms)

[8] XT.com – [https://www.xt.com/en/blog/community-news/2025-08-07T08:49:36.000Z](https://www.xt.com/en/blog/community-news/2025-08-07T08:49:36.000Z)