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Bitcoin tops $79,000 as whales add BTC and spot ETF inflows rise
Spot bitcoin ETFs pulled in more than $1.6 billion in net inflows so far this week, while open interest in bitcoin futures climbed above $54 billion.
Bitcoin extended its winning streak for a fourth straight day, pushing above $79,000 on Friday, its highest level since May, as large holders increased exposure and institutional demand returned, according to Yahoo Finance. Analysts cited improving liquidity, optimism around regulation, and renewed buying from bigger investors.
XS.com business development head Simon-Peter Massabni said the move tracked renewed accumulation among bitcoin’s largest holders, with BGeometrics data showing entities with more than 10,000 BTC adding over 30,000 bitcoin in a single day and more than 55,000 BTC over the past month. He said the combined holdings of those entities surpassed 300,000 BTC, the highest level since November 2024.
Spot bitcoin ETFs recorded more than $1.6 billion in net inflows so far this week, putting them on track for their strongest weekly performance since October, according to data cited by Yahoo Finance. CoinGlass data also showed bitcoin futures open interest rising above $54 billion, nearly $10 billion above a late-June low.
Massabni linked the rally to liquidity inflows that coincided with what he described as the largest wave of cryptocurrency short liquidations in history, exceeding $2.7 billion last Wednesday, followed by more than $1.6 billion in liquidations between the next two days. HTX Research analyst Cloud said the advance is driven by factors beyond a typical technical bounce, while flagging that unresolved US and Iran geopolitical tensions could raise inflation and bond yields and trigger a sharp correction.
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