Bitcoin rose to the high end of $78,000. It is up more than 20% in a week. Analysts said sentiment recovered after the U.S. Treasury announced purchases of Government Bonds, drawing more than 2 trillion won into exchange-traded funds (ETFs).
According to CoinMarketCap, a virtual asset market tracking site, as of 8:45 a.m. on the 25th, bitcoin was at $78,962. It was up 1.82% from 24 hours earlier and 22.51% from a week earlier.
Ether was $2,479, up 0.90% from 24 hours earlier. Over the same period, Solana rose 3.43% to $98.59, and BNB rose 0.38% to $703.92. However, XRP (Ripple) fell 2.65% to $1.48.
The U.S. Treasury said it will double the size of Government Bonds purchases to $4 billion starting in September. Government funding for Government Bonds purchases leads to increased cash liquidity in the market. Industry analysis said this is driving bitcoin's rally.
In fact, inflows into spot bitcoin ETFs are surging. According to foreign media on the 24th (local time), the 13 spot bitcoin ETFs listed in the United States saw net inflows of $1.92 billion (about 2.6572 trillion won). It was the largest in 10 months since October last year.