Bitcoin Nears $80K as Spot ETF Demand Surges

Bitcoin has surged to $78,843, testing the $80,000 psychological threshold for the first time since 2024.

The rally marks a significant shift from its $63,024 level less than two weeks ago and is fueled by aggressive spot buying, rising derivatives activity, and record-setting inflows into spot Bitcoin ETFs.

Spot and derivatives markets are seeing increased speculative participation, with perpetual futures taker flows favoring buyers and futures open interest expanding.

The surge in institutional demand comes alongside broader market signals of heightened speculation and leverage, with over 70% of Bitcoin's circulating supply now considered 'in profit.'