Crypto
Bitcoin Surges to $80K Following Record ETF Inflow
A significant influx of investment into Bitcoin's ETF (exchange-traded fund) has propelled the price above $80,000. The total inflow of $731 million is the largest single-day amount since January 3.
The August totals for Bitcoin and Ethereum's net assets now exceed $103 billion, solidifying their position as permanent institutional allocations. This growth comes amidst a backdrop of market uncertainty, with the CLARITY Act lingering at just 16% odds of passage by year-end.
The debasement trade continues to dominate investor strategies, while Japan's $1.8 trillion pension fund and Norway's oil fund signal reduced appetite for U.S. Treasuries.