Bitcoin returns to $80k, ETF inflows boost

CryptoWorld News reports that Bitcoin retreated to $80k at the start of the Asian trading week, reaching a new high since the end of January. CryptoQuant analysts pointed out that Bitcoin’s rebound is mainly driven by buyers with incomplete trust, reflected in holding data and on-chain signals. Over the past three weeks, the US spot Bitcoin ETF has attracted approximately $2.7 billion in inflows, helping total net assets exceed $100 billion, providing substantial support. Market maker Flowdesk mentioned that demand for leveraged long positions is increasing, especially in major assets like Ethereum and NEAR. However, on-chain data indicates that this rally has not been widely confirmed. CryptoQuant’s report shows that Bitcoin’s surge in April was entirely driven by increased demand for perpetual contracts, while spot demand remained in contraction during the rebound. This divergence, where leverage expands but underlying buying fails to keep up, has historically been associated with fragile price increases, often reversing after position liquidations. Market forecasts show that traders believe there is a 56% chance Bitcoin will reach $85k this month, while the probability of hitting $90k is only 23%.