Bitcoin Soars Past $80,000 Amid Risk-On Rally and ETF Inflows

Bitcoin has reclaimed its price above $80,000 for the first time since early September. This comes as spot Bitcoin ETF flows turned positive, adding momentum to a broader risk-on rally in the cryptocurrency market.

The price of Bitcoin currently stands at $80,943.63, while Ethereum has jumped over 6% to $2,617.20. Other cryptocurrencies such as XRP and Dogecoin have also seen significant gains, with prices rising by more than 6% in the past day.

Data from Coinglass shows that a total of 111,660 traders were liquidated in the past 24 hours for $547.80 million. Meanwhile, SoSoValue data indicates net inflows of $159.5 million from spot Bitcoin ETFs on Thursday, while spot Ethereum ETFs saw net outflows of $39.2 million.

Altcoin Sherpa predicts that Bitcoin needs a strong break above $82,000 to open the door towards the $100,000 region. However, he notes that minor pullbacks could occur, but a breakout from its nearly month-long range is key.