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Bitcoin pushes above $80,000 as shorts unwind and ETF inflows rise
The rally comes amid a reported $4 billion liquidation of Bitcoin shorts over the prior week and spot ETF inflows around $1.5 billion to $1.9 billion, depending on cutoff.
Bitcoin has moved above $80,000 for the first time since May, extending a surge that began below $65,000 days earlier, according to Action Forex.
Action Forex attributes the move to two themes that have also supported gold. One is a so-called fiscal-credibility, or debasement, trade tied to Treasury’s long-duration buyback signal, and the other is renewed optimism around U.S. crypto regulation ahead of the September 15 vote on the CLARITY Act.
The outlet points to positioning and demand signals as reinforcing factors, saying roughly $4 billion of Bitcoin shorts were liquidated over the past week. It also cites reports that spot ETF inflows reached about $1.5 billion to $1.9 billion, depending on the reporting cutoff.
Standard Chartered global head of digital assets research Geoff Kendrick highlighted the Treasury buyback signal as most important in an Aug. 22 interview with BNN Bloomberg, linking episodes that raise questions about fiscal or institutional credibility to increased relative appeal of assets outside the traditional monetary system. Kendrick also connected the rally to improving expectations for the regulatory path, including the September 15 CLARITY Act vote and a rise in prediction-market odds of passage from about 10% to close to 30% this year.
Latest closeGold $4,432.00 ▲1.6%|Bitcoin $79,179.29 ▲0.3%