Bitcoin Tests $80,000 Threshold Amid Record Spot ETF Inflows

Bitcoin has reached $78,843, testing its psychological barrier of $80,000 for the first time since 2024. The surge marks a significant shift from its level of $63,024 just over two weeks ago and reflects a 25% gain in just over a week.

The rally is fueled by a combination of aggressive spot buying, rising derivatives activity, and record-setting inflows into spot Bitcoin ETFs, with $1.92 billion flowing in for the week ending August 21. This surge in institutional demand comes alongside broader market signals of heightened speculation and leverage.

According to Glassnode, perpetual futures taker flows have sharply favored buyers, driving cumulative volume beyond upper statistical bands. Futures open interest has also expanded, suggesting increasing speculative participation.