Bitcoin Rallies to $81K Amid Record ETF Inflows
Bitcoin's price surged to over $81,000 on Friday morning, fueled by massive inflows into spot exchange-traded funds (ETFs) and a supportive market backdrop. The U.S. spot Bitcoin ETFs recorded $730.9 million in net inflows Thursday, their biggest single-day inflow since January 14.
According to TradingView, this influx of capital coincided with a rally in the broader crypto market, with Ethereum (ETH) and XRP outperforming Bitcoin among the top 10 cryptocurrencies by market capitalization. XRP's price jumped over 6% in the last 24 hours to around $1.46, while Ethereum's price rallied more than 5% to cross $2,500.
The rally also saw significant gains in privacy-focused tokens Zcash (ZEC) and Dash (DASH), with DASH's price gaining over 25% in the last 24 hours. Retail sentiment around these tokens improved on Stocktwits, with ZEC remaining in 'bullish' territory and DASH trending towards 'extremely bullish'.
However, large-cap crypto-linked equities were relatively muted in pre-market trading despite the move in digital assets, with Robinhood Markets (HOOD) falling about 1.1% and Strategy (MSTR) declining more than 2%. The market is now watching for August's jobs report, with expectations of a 4.1% unemployment rate and hiring of 53,000 jobs.