ETF Inflows Fuel Bitcoin's Price Surge Past $77K

Bitcoin's latest price surge is gaining momentum from a new source: institutional demand through spot ETFs. The cryptocurrency climbed over 23% in the past week to reach around $77,500 on Friday.

The influx of funds into U.S. spot Bitcoin ETFs reached $1.6 billion from Monday to Thursday, with Thursday alone accounting for about $606 million. This is their strongest weekly showing so far this year.

Standard Chartered analyst Geoff Kendrick believes that the initial rally was fueled by forced buying and short liquidations worth over $4.3 billion. However, he now thinks that recovering spot ETF inflows may be a more durable catalyst for the recovery.

Kendrick's previous forecast of reaching $100,000 by year-end might have been too low, as Bitcoin could potentially retest its all-time high of $126,000 if the recovery gains further momentum. However, he has not officially replaced this target with $126,000, instead viewing it as a level that Bitcoin may revisit.