Bitcoin Charges Toward $80k as ETF Demand Surges

Bitcoin has been steadily advancing towards the US$80,000 mark after experiencing its largest weekly increase in more than three years. The cryptocurrency's rebound is gaining momentum as it attracts strong demand from investors.

Last week, Bitcoin gained around 23%, with the 13 US-listed funds drawing in a net US$1.92 billion, the most since early October last year. This influx of capital comes after Bitcoin crashed from its record high above US$126,000 on October 6 and entered a period known as 'crypto winter.'

Gracie Lin, CEO of OKX SG, noted that there were net inflows on every trading day last week, indicating renewed investor interest in Bitcoin. However, the question remains whether this momentum will hold, with some profit-taking expected after such a strong move.

In related news, BlackRock's iShares Bitcoin Trust accounted for US$1.3 billion of last week's inflows. Despite these gains, around US$2.9 billion has been drained from the ETFs this year, leaving its long-term prospects uncertain.