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Bitcoin Surges to $80,000 on ETF Demand and Short Covering

Guavy AI Editorial Team
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BTC
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Bitcoin's price surge to over $80,000 has been fueled by two key factors: demand for U.S. spot Bitcoin exchange-traded funds and short covering.

The cryptocurrency rose 16% since the prior week, reaching a three-month high as softer U.S. dollar news revived momentum in the crypto sector.

U.S. spot Bitcoin ETFs recorded $517 million in net inflows on August 19, their strongest day since May, with roughly $1 billion in net inflows during the first two weeks of August 2026.

Short covering added to the speed of Bitcoin's advance, with roughly $1.5 billion in Bitcoin short positions liquidated as prices rose.

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