Bitcoin Moves Above $64,000 as ETF Inflows and Peace Hopes Lift Sentiment
Bitcoin climbed above $64,000 on Saturday, helped by stronger U.S. spot bitcoin ETF inflows and optimism tied to comments from Pakistan’s prime minister about a possible Iran peace deal. The move put BTC more than 8% above its June low and on track to potentially end a four-week losing streak.
What happened?
Bitcoin climbed above $64,000 on Saturday, helped by stronger U.S. spot bitcoin ETF inflows and optimism tied to comments from Pakistan’s prime minister about a possible Iran peace deal. The move put BTC more than 8% above its June low and on track to potentially end a four-week losing streak.
Why it matters
The move matters because bitcoin’s recent rebound came alongside improving risk sentiment and renewed demand through U.S. spot bitcoin exchange-traded funds. CoinDesk reported that the funds recorded $85.9 million in net inflows on Friday, their strongest daily inflow since May 14.
Bitcoin rose above $64,000 on Saturday, reaching an intraday high of more than $64,200, according to CoinDesk. The largest cryptocurrency was up more than 1% over 24 hours and had gained over 8% from its June low of just above $59,000.
The move matters because bitcoin’s recent rebound came alongside improving risk sentiment and renewed demand through U.S. spot bitcoin exchange-traded funds. CoinDesk reported that the funds recorded $85.9 million in net inflows on Friday, their strongest daily inflow since May 14.
Geopolitical developments also supported market sentiment. Pakistan’s prime minister said on X that a peace deal was closer than ever, with finalization expected within 24 hours, followed by electronic signing and technical-level talks the next week.
The ETF flow data adds another layer to the market picture. CoinDesk cited a Standard Chartered analyst who said ETF holders had, anecdotally, been selling positions to raise cash for the SpaceX initial public offering, and that the IPO’s launch on Friday could ease that selling pressure.
Bitcoin was also up around 1% for the week. If that gain holds through the weekly close, it would mark a break from four consecutive weeks of losses.