This week was a rollercoaster ride for the cryptocurrency market. Bitcoin (CRYPTO: BTC) surged to a multi-month high, Ethereum (CRYPTO: ETH) is evolving beyond a blockchain and the crypto market rallied despite legislative setbacks.

Here’s a quick recap of the top stories.

Bitcoin’s Bullish Run

Bitcoin surged to a multi-month high of $87,270 on Monday before retreating below $84,000 as US bond yields climbed. Despite this, the retreat seems temporary as Bitcoin has formed strongly bullish chart patterns, and ETF inflows have surged. Spot BTC ETFs had over $134 million in assets on Friday, with BlackRock’s IBIT adding $97 million and Fidelity’s FBTC adding $49 million.

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Bitcoin’s Rare Streak

Bitcoin is on track for its first positive August-September combination since at least 2013, a pattern that historically sets up a strong "Uptober." CoinGlass data shows Bitcoin gained 24.95% in August, its third-strongest August since 2013 and best since 2017, crushing the historical August average of 2.82%.

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Read Also: Brian Armstrong Once Said There is a 'Foundation of Things' Everyone Must Lay Before Doing Bunch of Other Stuff — Here's What the Coinbase CEO Does

Ethereum’s Evolution

Vitalik Buterin, the co-founder of Ethereum, stated that Ethereum is gradually transforming from just a blockchain into a "much bigger" network with multiple layers. Speaking at the 12th Global Blockchain Summit in Shanghai, Buterin expressed optimism about the "huge amount of progress" in the Ethereum world, both at the protocol and application levels.

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Kalshi’s Trading Scrutiny

Prediction market platform Kalshi is under scrutiny for facilitating close to a million trades of nearly identical sizes in a single market. Over one-third of Kalshi’s trading volume speculating on the price of Ethereum was rapid trades clustered around the same order size—$5,500, according to a Wall Street Journal analysis.

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Crypto Market Rally

The cryptocurrency markets staged a broad rally in the week following the Clarity Act’s failure to advance in the U.S. Senate. Several major tokens and crypto-linked stocks posted double-digit gains as regulators moved ahead with industry rules despite the legislative setback.

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Read Also: Ethereum Exchange Supply Hits Record Low as ETH Gains 10% — Is a Correction Next?

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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