- BIST10011,626-0.82%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,188.40+0.17%
- INTEREST37.00%-1.00
- BITCOIN82,400+0.47%
- October 19, 20265°
- BIST10011,626-0.82%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,188.40+0.17%
- INTEREST37.00%-1.00
- BITCOIN82,400+0.47%
- October 19, 20265°
Bitcoin tops $80,000 as inflows into US funds reach $1.92 billion
Bitcoin gained more than 4% over the past 24 hours to trade at $80,545 as of 8:20 a.m. TRT. Net inflows into spot Bitcoin exchange-traded funds listed in the United States reached $1.92 billion last week.
Bitcoin's price rose more than 4% over the past 24 hours to reach $80,545 as of 8:20 a.m. TRT. The cryptocurrency consequently surpassed the $80,000 level for the first time since May, bringing its weekly gain to 26%.
According to CoinMarketCap data, the total value of the global cryptocurrency market, including Bitcoin, rose 3.44% to $2.7 trillion. Ethereum, the second-largest cryptocurrency by market capitalization, also gained about 1% to reach around $2,503.
US Treasury move and fund inflows support the market
Institutional investor demand, along with comments from US Treasury Secretary Scott Bessent, stood out among the factors driving Bitcoin's rise. Bessent announced that the United States would double its buybacks of long-term government bonds.
The move aims to reduce maturity risk in the market and place greater emphasis on short-term bonds on the financing side. Bond yields fell briefly after the announcement, while demand for riskier assets strengthened again.
Spot Bitcoin exchange-traded funds listed in the United States recorded net inflows of $1.92 billion last week. This was the highest weekly fund inflow recorded since October, when Bitcoin reached a peak in its previous cycle.
It also drew attention that MicroStrategy, described as the world's largest institutional Bitcoin investor, made no new purchases over the past two weeks.
Bitcoin lifts its August gain to 28%
Bitcoin gained 28% in August, heading toward its highest monthly gain since November 2024. The rise accelerated after the cryptocurrency gained more than 20% over three days last week.
The acceleration in the price increase led to more than $4 billion in liquidations in futures markets holding short positions. The liquidations strengthened Bitcoin's upward movement.
Concerns about global inflation and rising public debt also increased interest in assets with limited supply. Worries about financial repression, currency depreciation and declining purchasing power drove investors toward assets such as gold and Bitcoin.
Analysts remain cautious despite the rise
The market remains cautious despite Bitcoin's sharp increase. Analysts noted that Bitcoin had experienced a prolonged period of stagnation since October and that prices initially declined after a similar sharp rise in January 2023.
Under this assessment, Bitcoin later found support at its 200-day moving average and established its direction. Whether the same pattern will occur again is among the main factors being monitored by the market.
Supply capped at 21 million bitcoins
Bitcoin was created in response to the 2008 financial crisis with the aim of establishing an independent digital currency system that would operate without banks, governments or intermediaries. The cryptocurrency's supply is algorithmically capped at a maximum of 21 million coins.
More than 20 million bitcoins are currently in circulation. Bitcoin's fixed supply, in contrast to the ability of central banks to increase the money supply without a fixed limit, contributes to investors viewing the asset as a hedge against crises in the financial system.
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