Bitcoin Breaks Through $80k on Eighth Consecutive ETF Inflow Day
Bitcoin (BTC) prices surged to $80.3k on Thursday, marking a 3% increase from the previous day's close. This growth follows an eighth consecutive day of institutional inflows into spot Bitcoin ETFs, with U.S. spot Bitcoin ETFs recording net inflows of $232.12 million on August 26.
The streak of positive sessions has brought the total to $2.8 billion, indicating genuine spot demand and a strengthening market consensus on a price floor. Analysts like HashKey's Tim Sun note that sustained inflows beyond five days signal a solid foundation for the recent rally.
The 24-hour move closely tracked a 0.75% gain in the S&P 500, suggesting the growth was partly fueled by a broader macro sentiment shift, possibly linked to concerns over U.S. debt and fiscal policy. The cleared leverage reduces the immediate risk of a sharp sell-off, allowing spot-driven buying to dominate.
The path ahead hinges on Bitcoin's ability to reclaim $80,000, with key support lying at $78,000-$79,200. A hold above this area targets a retest of the $81,100-$81,250 resistance. The major near-term event is new Fed Chair Kevin Warsh's keynote at the Jackson Hole symposium on August 30, which could dictate macro direction.