Bitcoin Extends Weekly Rally on Institutional ETF Demand
Bitcoin continued its upward momentum into a third consecutive week, driven by strong institutional demand for exchange-traded funds (ETFs). The cryptocurrency briefly reached $87,206 on Friday, representing a 3% increase from the previous day. However, it pared gains to trade nearly flat by the end of the day.
The surge helped Bitcoin conclude its best quarter since late 2024, with a gain of 43% over the three months through September. This rebound is particularly notable given the asset's recent decline and the uncertainty surrounding regulatory developments in various jurisdictions.
Bitcoin's price has been volatile in recent weeks, but the steady influx of institutional capital into ETFs has provided a stable foundation for its growth. As investors return to risk assets ahead of October, it remains to be seen whether this trend will continue.