Bitcoin vaulted above $80,000 for the first time Monday, hitting $80,750 with a 2% daily gain. The breakout followed April's $1.97 billion in net inflows to Bitcoin ETF products, ending months of outflows as U.S. spot funds logged their fifth straight week of inflows.
ETF Demand Shifts Gears
U.S. spot Bitcoin ETFs pulled in $153.87 million this week alone, building on April's massive inflow reversal. The funds had bled assets through early 2026 before demand suddenly flipped in March. This week's tally brings the streak to five consecutive weeks of positive flows.
Whales Anchor the Rally
Large holders soaked up $500 million worth of Bitcoin between $75,000 and $78,000 last month, coinciding with a 12% volume spike. That accumulation helped propel prices past the psychologically critical $80,000 mark. The surge has lifted Bitcoin roughly 20% since war tensions flared between the U.S., Israel, and Iran in February.
Strait of Hormuz Tensions Linger
President Trump launched "Project Freedom" last week to guide cargo ships through the closed Strait of Hormuz. Iranian official Ebrahim Azizi immediately warned any U.S. interference would violate the ceasefire agreement. The conflict escalation appears tied to Bitcoin's recent price strength despite broader market uncertainty.
Miners Pause as Charts Turn Bullish
Strategy (MSTR) halted regular Bitcoin purchases ahead of its earnings report, though it still holds 818,334 BTC. The company's move came as a Golden Cross pattern neared completion on Bitcoin's daily chart, with the 50-day moving average closing in on the 200-day line. Prediction markets now give a 99.8% chance Bitcoin stays above $66,000 through Wednesday's close.
