Bitcoin Breaks $80,000 on $1.92 Billion ETF Inflows as $4 Billion Short Squeeze Extends Rally
Updated
Updated · CNBC · Aug 25
Bitcoin Breaks $80,000 on $1.92 Billion ETF Inflows as $4 Billion Short Squeeze Extends Rally
3 articles · Updated · CNBC · Aug 25
Summary
Bitcoin topped $80,000 on Tuesday, rising more than 2% to $80,501 and extending a rally that has already delivered a 20%-plus gain in three days.
$1.92 billion of net inflows into U.S. spot bitcoin ETFs last week and more than $4 billion in liquidated bearish crypto bets helped drive the breakout, alongside stronger appetite for risk assets.
U.S. Treasury plans to double purchases of longer-dated bonds briefly pushed yields lower, while inflation and debt worries also lifted demand for scarce assets such as bitcoin.
Fundstrat said the move looks more durable than a tactical bounce, citing stronger bitcoin and ether ETF buying, heavier trading, more stablecoin creation and options demand shifting toward longer-dated upside exposure.
BTIG still warned the breakout may not hold, noting bitcoin has been in a slump since October, though Strategy has not bought for two weeks and renewed purchases could add another tailwind.