Bitcoin, topping $40K overnight, achieves biggest weekly gain since April

Bitcoin (BTC-USD) tops $42.6K, reaching its highest level since May, over Sunday night before easing down to about $39.3K recently, down about 5.4% over the last 24 hours. Coindesk's Omkar Godbole notes that the world's largest cryptocurrency by market cap achieved its biggest weekly gain in three months last week and blockchain data indicates supply-side weakness may signal further advances. Bitcoin rose 12.4% in the seven days through Aug. 1, the most since the last week of April, according to Bitstamp data. In the past month, the crypto rose 17.8%, as seen in the chart below. Sentiment may be now leaning toward holding bitcoin, rather than sellling. Godbole points to Glassnode data demonstrating that bitcoin's illiquid supply, or the amount held by illiquid entities, decoupled from prices in May. The gauge hit a record high of 14.447M over the weekend, he said. As for bitcoin- and crypto-related names, MicroStrategy (NASDAQ:MSTR) slips 1.6%