Bitcoin Surges Past $77k on Institutional Buying Spree

The price of Bitcoin rose 6.42% to $77,118 on Friday as opportunistic buyers entered the cryptocurrency market, driving a broader market rally.

The sustained price appreciation has been supported by a surge in institutional capital into spot Bitcoin ETFs, with the largest daily inflow in over three months.

Retail and institutional buyers took positions at relatively low prices due to US Treasury liquidity boosts, optimism, and regulatory tailwinds.

Morgan Stanley increased its Bitcoin holdings for two consecutive days recently, spending $21.91 million through its spot Bitcoin exchange-traded fund, MSBT, adding approximately 320.951 BTC.