Bitcoin Hits New High#
Bitcoin has reached a three-month peak, climbing to $80,286.5, a 2.7% increase as of early Monday. This rise is largely attributed to significant buying in exchange-traded funds (ETFs) and long positions, despite a lack of strong spot demand for the cryptocurrency.
ETF Inflows Boost Bitcoin#
The recent surge in Bitcoin's price is primarily driven by substantial capital inflows into U.S.-listed ETFs. In April alone, net ETF inflows reached $1.97 billion, marking the highest level since October 2025, when Bitcoin previously hit a record high. However, these inflows are still below the average monthly levels seen in 2025, indicating a cautious market.
Weak Spot Demand#
Despite the positive momentum from ETF inflows, spot demand for Bitcoin in the U.S. appears sluggish. Bitcoin is trading at a discount on Coinbase, the largest U.S. exchange, compared to average global prices. This suggests that retail interest in Bitcoin remains weak, which could signal a potential shift in market dynamics.
Strategy Inc Pauses Bitcoin Purchases#
In related news, Strategy Inc, the largest corporate holder of Bitcoin, has decided to pause its weekly Bitcoin purchases. This decision comes just before the company’s first-quarter earnings report, which is expected to show a loss of $13.67 per share on revenues of $120.75 million. The company faced significant losses in the previous quarter due to declines in the value of its Bitcoin holdings.
Broader Crypto Market Trends#
The overall cryptocurrency market also saw gains alongside Bitcoin. Ether, the second-largest cryptocurrency, rose by 3.6% to $2,387.64. Other cryptocurrencies such as XRP and BNB increased by over 2%, while Solana and Cardano saw gains of 2.3% and 1.9%, respectively. Among memecoins, Dogecoin surged by 4.6%.