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Bitcoin climbs toward $80,000 as ETF flows rebound and liquidity improves
Analysts at Bernstein linked the rally to the U.S. Treasury increasing buybacks of longer-dated Treasuries to $4 billion per operation by Sept. 9.
Bitcoin surged toward $80,000 amid a rebound in U.S. spot bitcoin ETF demand and improving liquidity conditions, according to analysts at Bernstein, as reported by The Block.
The cryptocurrency rose as high as $79,500 on Friday before pulling back to around $78,000, extending a rally that Bernstein tied to the U.S. Treasury’s plan to at least double liquidity-support buybacks for longer-dated debt to $4 billion per operation by Sept. 9 following a jump in long-term yields.
Bernstein also pointed to a turnaround in spot bitcoin ETF flows and said MicroStrategy’s bitcoin holdings are back above their average purchase price, suggesting renewed institutional interest as prices recovered.
In a note, analysts led by Gautam Chhugani argued that bitcoin has historically responded positively to liquidity expansion, and they said any additional liquidity could flow into bitcoin and other hard assets as a hedge as AI spending draws more from debt markets.
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