Bitcoin Rally Accelerates, With $80,000 in Sight After ETFs Have Stellar Week

Bitcoin’s price surged further on Monday, flirting with $80,000 after U.S. exchange-traded funds had their best week since October. 

The leading cryptocurrency was recently trading more than 2% higher over a 24-hour period after flying past $79,155. It earlier on Monday morning in New York reached as high as $79,954. 

Over the past week, the coin has risen 25%. Its rise comes after a sluggish June and July when it mostly traded below $65,000. 

Last week, U.S. investors reversed course and bought up shares in the Bitcoin ETFs, which had their best week since October, when bitcoin notched its record of $126,080. Data from Farside Investors shows that the funds — managed by the likes of BlackRock, Fidelity, Grayscale, and Morgan Stanley — received $1.9 billion in new cash. 

“This is one of the benefits of a commodity in a constant state of supply shock,” Bloomberg Intelligence ETF analyst Eric Balchunas wrote on X on Monday. 

The surge in interest in bitcoin’s was triggered by the Treasury Department’s announcement last week to at least double the size of its long-dated bond buybacks.

Since the Treasury made the announcement, yields have gone down, while bitcoin and gold have shot up. The dollar last week was trading at a three-month low and on track for its worst week of August. Bitcoin, on the other hand, had its best week since 2023.