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Bitcoin nears $80,000 as ETFs post their best week since October

Bitcoin rose 25% over the past week after U.S. Bitcoin ETFs attracted $1.9 billion in new cash, lifting the token above $79,155.

Reported · Written up by our desk · Market Structure

Bitcoin is trading close to $80,000 after extending a rally that gathered speed following a strong week for U.S. Bitcoin exchange-traded funds, according to Bitcoin Magazine. The outlet said the cryptocurrency was recently up more than 2% over 24 hours after clearing $79,155.

Bitcoin earlier in the New York session reached as high as $79,954, the report added. It also noted that the past week saw Bitcoin gain 25%, after a period in June and July when it mostly traded below $65,000.

The latest move follows a renewed pull from investors into Bitcoin ETFs, which Bitcoin Magazine said had their best week since October. Data cited from Farside Investors showed the funds received $1.9 billion in new cash, with assets managed by firms including BlackRock, Fidelity, Grayscale, and Morgan Stanley.

Bitcoin Magazine linked the renewed demand to multiple catalysts, including a Treasury Department announcement to at least double the size of its long-dated bond buybacks. It said yields fell after the announcement while bitcoin and gold rose, and also pointed to positive crypto regulatory momentum after President Donald Trump met with crypto executives and urged lawmakers to advance the Clarity Act, which lawmakers are expected to vote on in September.

Latest closeGold $4,432.00 ▲1.6%|Bitcoin $78,683.80 ▲1.2%

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