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

Bitcoin Magazine

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.

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