Bitcoin Surges to $79,000: Is This the Start of a New Bull Run?

Bitcoin's recent surge to $79,000 has some experts wondering if a bull run has started. Galaxy Digital head of research Alex Thorn attributed the sudden 20% increase to a combination of improving fund flows, deeply oversold conditions, and forced liquidations.

In an interview with Scott Melker, Thorn highlighted that Bitcoin spot ETFs attracted $1.9 billion in weekly net inflows, their strongest showing since October 2025. This, combined with flows into other crypto products, brought more than $2.6 billion back to the asset class.

The rally caught heavily positioned bears off guard, triggering over $2 billion in short liquidations. Thorn described this positioning as 'dry kindling' for a sharp move once a catalyst emerged.

One possible catalyst was the Treasury's plans to expand purchases of longer-dated government debt. Bitcoin substantially outperformed gold following the announcement, reviving its 'digital gold' narratives.