Bitcoin drops to $79,000 after a 7-day 23% rally, with spot ETF demand remaining strong.

ChainCatcher report: After rising 23% over seven days, Bitcoin’s price has pulled back and is currently holding around $79,000, down approximately 1.2% over the past 24 hours. The broader CoinDesk 20 Index fell 2.1% over the same period. The Crypto Fear & Greed Index by Alternative.me rose from 27 to 74 in less than two weeks before retreating slightly. Nevertheless, underlying demand remains strong. According to SoSoValue data, U.S.-listed spot Bitcoin ETFs recorded a net inflow of $314 million on Tuesday, marking the seventh consecutive day of net inflows and bringing the total net inflow for August to over $3 billion. Pedro Fontes, research analyst at Mercado Bitcoin, views $82,000 and $85,000 as the next resistance levels and believes some consolidation after such a steep rally is natural. In derivatives data, the taker long/short volume ratio has turned bearish, with shorts accounting for 51.64% of 24-hour trading volume; Bitcoin futures open interest has dropped below 700,000 BTC, and the spot price has retreated to $78,500—this combination suggests traders are closing positions rather than aggressively adding short exposure. On Deribit, traders are actively pursuing call options with strike prices between $82,000 and $100,000. Open interest in SUI futures has reached a record high of 838 million, yet its spot price fell over 5% in 24 hours, indicating accumulation of short positions.