Bitcoin nears $80,000, posts best weekly gain in 3 years

00:00 Scott Melker

Bitcoin is currently having its best week since 2023, giving even higher conviction in the market that the bottom may be in. Bulls are euphoric, bears are licking their wounds. We're going to talk about all the news that's driving the market right now on the Daily Wolf. Let's go.

00:21 Scott Melker

What is up everybody? Happy Friday and welcome to the Daily Wolf on Yahoo Finance. I'm your host Scott Melker, also known as the Wolf of All Streets. You can find me on X at Scott Melker. Find me on YouTube at Scott Melker. I had an incredible YouTube show this morning for those of you who missed it. Had both Matt Hogan and going parabolic Jason Williams on as guests, helping me to unpack this maybe early iteration of a Bitcoin bull market that we're starting to see.

01:03 Scott Melker

So we can't talk about the news today without talking about the price. So let's just show you what's going on. Bearish crypto bets lose record 3 billion as Bitcoin tops 71,000. That was yesterday, and then I woke up and it was up to almost 80,000 Bitcoin and that 3 billion in liquidated shorts had become almost 4 billion.

01:31 Scott Melker

So what we have here is Bitcoin up roughly 24% this week. Once again, the strongest week since 2023. Bitcoin ETFs added $606 million just Thursday after over 500 million on Wednesday. Ether ETFs also added 221 million, which they sizable number relative to total inflows into ETFs. Now, more than 4 billion as I said in crypto shorts liquidated over two days, giving us much more evidence that maybe the bottom is in.