Bitcoin tops $80,000 as ETF inflows and Treasury move fuel rally
What's new: US spot bitcoin ETFs pulled in $1.92 billion last week, their biggest weekly inflow since October.
Bitcoin climbed above $80,000 on Tuesday, reaching as high as $81,240.68 and extending a sharp rally that began last week. The cryptocurrency has risen about 28% in August and more than 20% over a recent three-day stretch, its biggest such gain since 2023. The move has been driven by renewed inflows into US spot bitcoin exchange-traded funds, a softer dollar and stronger appetite for risk assets after the US Treasury moved to buy more long-dated bonds. More than $4 billion in bearish crypto positions were liquidated during the rally, adding momentum. Analysts said stronger ETF demand, heavier trading and rising stablecoin creation suggest the advance may prove more durable than a brief short squeeze.