Bitcoin Bounces Back Above $80,000 as Institutional Demand Surges
Bitcoin regained its footing above $80,000 over the weekend after rebounding from a turbulent week. The world's largest cryptocurrency maintained most of its recovery following a decline to around $76,400 earlier in the week.
The price of Bitcoin was trading at approximately $80,479.4 as of 01:07 ET on Sunday, with a slight increase of about 0.2% on the day.
The surge in Bitcoin's value can be attributed to renewed institutional demand, which was bolstered by more than $433 million in net inflows into U.S. spot Bitcoin exchange-traded funds (ETFs) on Friday. Fidelity's ETF led the way with $310.72 million, followed closely by BlackRock's with $108.44 million.
The influx of capital marked a stronger finish to an otherwise volatile week for Bitcoin, with ETF trading value reaching $4.67 billion and combined net assets rising by more than $7 billion to $102.53 billion.