Bitcoin prices climbed above $79,000 following reported inflows of $730.9 million into US spot exchange-traded funds (ETFs) in a single day, marking the second-largest such inflow of the year after $843.6 million on January 14. The surge follows analysis by CryptoRus, a crypto research platform, which highlighted institutional buying as a potential driver of further price gains.
The inflows coincided with $554.2 million in crypto positions liquidated over 24 hours, including $471.4 million in short positions and $276.7 million in Bitcoin. Daily trading volume approached $22 billion, a 13% increase from the prior session, as demand for Bitcoin grew amid renewed investor interest in ETFs.
CryptoRus cited three factors suggesting institutional buyers may test the $82,000 resistance level: resilience in ETF inflows, resets in leverage ratios, and a sharp rise in Zcash prices. The platform noted that speculative capital appears to be concentrating aggressively, driven by a narrative combining scarcity, renewed relevance, and crowded positioning.
Bitcoin’s price has risen 2% weekly and 23% monthly but remains 28% lower than its peak in October 2023. Analysts caution that the current price movement may represent a “bullish test” rather than a confirmed breakout, with uncertainty over whether the $79,000 level will hold. A potential decline below this threshold could weaken the immediate case for further gains.
Written by Oliver Grant
Markets Desk
