The crypto market shows a mixed outlook today, August 6, as Bitcoin (BTC) and Ethereum (ETH) gain by 0.6% and 1.85%, respectively, while all other top ten cryptos trade in the red. Pi Network (PI) is also outperforming the broader crypto market after gaining by 3.83% to trade at $0.091 at the time of writing.
The gains seen with BTC, ETH, and PI come despite falling odds of the CLARITY Act passing before the US Senate breaks for recess on August 7.
What is Driving the Crypto Market Today?
Bitcoin and Ethereum are rising today because of increased demand for BTC and ETH ETFs and the easing geopolitical tensions between the US and Iran after Qatar said that a draft deal for peace is ready.
Data from SoSoValue shows that Bitcoin ETFs have seen three straight days of inflows. On August 5, inflows to BTC ETFs reached $244 million. BTC ETFs have seen $626 million in inflows since August 3.
Ethereum ETFs also recorded $60 million in inflows on August 6, with these inflows also being the highest that ETH ETFs have seen since July 22.
Still, the rising inflows have not translated to gains for the rest of the top ten coins, because data from CoinMarketCap shows that only BTC and ETH are trading in the green, with Hyperliquid (HYPE) recording the biggest drop of 3.58%.
The other factor that is moving the crypto market today is the dropping odds of the CLARITY Act bill passing in 2026. Data from Polymarket shows that these odds have dropped to 16% amid uncertainty that US Senators will vote on this bill before they break for recess on August 7.
The uncertainty around this bill led to XRP ETFs posting $3.58 million in outflows on August 6 per SoSoValue data, with this being the highest outflows for these ETFs since July 8.
Crypto Market Data Today
- Total Crypto Market Cap: $2.2 trillion (+0.34%
- 24-hour Trading Volumes: $57.33 billion
- Bitcoin: $64,554 (+0.85%)
- Ethereum: $1,904 (+1.94%)
- XRP: $1.04 (-1.15%)
- Bitcoin Dominance: 58.9%
- Ethereum Dominance: 10.4%
- Altcoin Season Index: 43/100
- Fear and Greed Index: 25 (Extreme Fear)
Derivatives Market Analysis
Data from Coinglass shows that the total open interest across the crypto market has increased by 0.89% today, August 6, to $115.12 billion.
The total derivatives trading volumes have also increased from $162 billion on August 5 to $179 billion today, August 6.
CoinGlass also shows that the total liquidations across the crypto market reached $257 million, with $154 million in short positions being liquidated and $102 million in long positions being liquidated.
Bitcoin and Ethereum had the biggest liquidations of $55 million and $52 million, respectively.
BTC Technical Outlook as Price Nears $65,000
BTC has moved from $62,300 on August 3 to $64,600 on August 6. The price of Bitcoin has also moved above the 20-day EMA and the 50-day EMA, suggesting that the short-term momentum is favoring bulls.
The price needs to reach the 100-day EMA of $67,038 to confirm that the long-term Bitcoin price prediction is also bullish.
The AO bars that have turned green also suggest that bears are losing their grip, and this could create room for Bitcoin price to reach the psychological resistance of $65,000.
Meanwhile, the Bitcoin prediction market shows that there is only a 2% chance that BTC price will close above $66,000 today, suggesting that crypto market traders are not convinced that the gains will last.
Ethereum and PI Network Price Prediction
The price of Ethereum has moved above the psychological resistance of $1,900. A previous CoinGape Ethereum price analysis opined that if the price of ETH closes above $1,925 for three straight days, the price could reach the 200-day SMA of $2,155.
Data from CryptoQuant also shows that Ethereum whales holding between 10,000 and 100,000 ETH have increased their holdings to a record high of 19.6 million ETH, while the wallets holding more than 100,000 ETH have purchased 1.8 million ETH in 12 months.
Pi Network trades is also up by 4.73% today, to trade at $0.092 at the time of writing. Pi Network is leading gains in the crypto market today as bullish sentiment rises because of the upcoming Protocol 26 upgrade that will occur on August 11.
If the gains continue, Pi Coin price could reach the psychological resistance of $0.10. Closing above this resistance could lead to a sustained uptrend. But if the upgrade becomes a sell-the-news event, Pi Network price could retreat after Protocol 26 goes live.
Catch up on yesterday’s biggest moves in our Crypto Market Update August 5.