Bitcoin nears $80,000 on ETF inflows

Bitcoin came within sight of $80,000 on Monday as money kept flowing into U.S. spot bitcoin exchange-traded funds. (coindesk.com) (farside.co.uk) The token rose as high as about $79,500 before reversing lower, while Farside’s tracker showed spot bitcoin funds posted a ninth straight day of net inflows on April 24. (coindesk.com) (farside.co.uk) Those inflows were smaller than the prior session but still positive: $14.4 million on April 24, after $223.3 million on April 23 and $335.8 million on April 22. (farside.co.uk) BlackRock’s iShares Bitcoin Trust, ticker IBIT, added $22.9 million on April 24 and $167.5 million on April 23, offsetting outflows from Fidelity’s FBTC and Bitwise’s BITB on both days. (farside.co.uk) Spot bitcoin exchange-traded funds let investors buy shares that track bitcoin without holding the token directly, so persistent creations are watched as a proxy for institutional demand. SoSoValue’s dashboard showed BlackRock’s IBIT with about $57.81 billion in net assets, the largest in the group. (sosovalue.com) Across the U.S. spot bitcoin fund group, SoSoValue listed total net assets near $102 billion, with IBIT alone accounting for roughly 3.94% of bitcoin’s market capitalization. (sosovalue.com) Another buyer showed up Monday in corporate filings. Strategy Inc. disclosed in an April 27 Form 8-K that it bought 3,273 bitcoin for about $255 million at an average price of $77,906 each. (sec.gov) (cointelegraph.com) That purchase lifted Strategy’s holdings to 818,334 bitcoin, extending the company’s role as the biggest corporate holder of the token. (sec.gov) (cointelegraph.com) The rally was not one-way. CoinDesk reported that bitcoin failed at $80,000 and dropped about 2% as oil prices jumped and broader crypto sentiment turned risk-off during the session. (coindesk.com) For now, the market has two clear reference points: steady ETF demand underneath it, and an $80,000 level that bitcoin still has not cleanly broken. (farside.co.uk) (coindesk.com)