Bitcoin Price Jumps 5% as Record $754 Million Flows into ETFs

Bitcoin's price surged 5% this week as buying pressure sent it up, and inflows into Bitcoin ETFs reached $754 million, their second-best weekly total of the year.

Market analysts are still debating whether Bitcoin has found a bottom near $60,000, with some calling for further declines despite recent gains.

Short-term holder cost basis remains above the current price, which means newer holders are sitting below their buying price, according to Axel Adler Jr. However, strong ETF buying could provide support for Bitcoin if it continues.