Bitcoin Surges 12% to $87,315 Amid ETF Inflows and Rising Open Interest

The price of Bitcoin (BTC) has surged by around 12% over the past seven days, reaching a high of $87,315 on Monday. This marks its highest point since late January.

According to various sources, Bitcoin spot ETFs have seen significant inflows, with about $1 billion flowing in on Monday alone and a total of over $1.5 billion since mid-last week.

The open interest in BTCUSD has risen to approximately $160 billion, the highest level since late October, while short positions worth over $920 million were liquidated during this recent rally.

Fidelity International's global macro director noted that BTC needs to hold above around $85,500 to enter a new bull phase, citing this level as a key market-sentiment threshold.