Bitcoin ETF Inflows Hit Record $1.92 Billion as Price Nears $80,000

Bitcoin ETF inflows reached an impressive $1.92 billion last week, marking one of the strongest weekly totals in months.

This surge in demand was led by BlackRock's iShares Bitcoin Trust ETF (IBIT), which pulled in $693 million in the first week of August and another $503 million on Aug. 20 alone, its best run since mid-April.

The price of Bitcoin climbed to nearly $80,000 on Aug. 27, a 22% gain since the U.S. Treasury announced that it would double its buybacks of long-dated bonds starting Sept. 9.

Traders are now watching open interest and funding rates in the derivatives market for signs of how far the rally can run.