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Bitcoin eyes $80,000 as spot ETF inflows hit highest since May

U.S. spot bitcoin ETFs drew net inflows of $606 million on Thursday, the most since May 1, as Bitcoin pushed toward $79,400 ahead of weekend ETF closures.

Reported · Written up by our desk · Market Structure

Bitcoin is heading into Friday’s U.S. session after reaching its highest level since May, with the latest push leaving $80,000 as the key near term level to clear. The move comes as the U.S. Treasury’s bond-buyback plan continues to support risk appetite, and Bitcoin recently traded near $78,000 after rising as high as $79,400.

CoinDesk reports that U.S. spot bitcoin ETFs posted net inflows of $606 million on Thursday, the most since May 1, extending the flow momentum into the session. James Butterfill, head of research at CoinShares, said the rally is primarily driven by macro conditions rather than crypto specific factors.

CoinShares’ Butterfill added that Bitcoin remains sensitive to shifts in liquidity expectations and real yields. He noted that a decisive move likely depends on evidence that Federal Reserve policy is moving away from further tightening, with confirmation potentially emerging at next week’s Jackson Hole symposium.

Before the weekend, the report points to additional catalysts that could affect yields and the dollar, including U.S. flash PMI readings later on Friday, with higher yields typically making risk assets like crypto less attractive. Once U.S. markets close, bitcoin is expected to trade with thinner weekend liquidity as ETFs shut, which could increase vulnerability to geopolitical developments that move oil prices.

Latest closeBitcoin $77,298.59 ▲5.8%

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