Bitcoin Surges Past $77,000 as Crypto Market Sees Significant Gains

The crypto market saw significant gains last week, with Bitcoin (BTC) climbing above $77,000 for the first time in three months. This surge was driven by a combination of factors, including macroeconomic shifts, regulatory tailwinds, and a massive derivatives market reaction.

According to onchain metrics, 30-day apparent-demand, an estimate of net spot demand relative to newly created BTC supply, recovered sharply from deeply negative levels to move back above zero for the first time since February. This could indicate that spot accumulation is absorbing new supply again.

The U.S. stock market experienced a broad pullback, with major averages still finishing in negative territory. However, investor sentiment was weighed down by concerns over rising long-term Treasury yields and renewed Middle East geopolitical tensions.