The Zhitong Finance App learned that Bitcoin once again broke through the $80,000 mark on Thursday. Driven by US spot Bitcoin ETFs continuing to attract capital inflows, a sharp rise in technology stocks, and a recovery in risk appetite, the cryptocurrency market continued its recent strong rebound. Unlike previous investors who thought capital needed to shift from artificial intelligence concept stocks to crypto assets, AI stocks and Bitcoin are currently benefiting from a rise in market risk appetite at the same time.
Bitcoin once rose 3% to $80,844.8 in the intraday period, then the increase narrowed. Earlier this week, Bitcoin had surpassed $80,000 for the first time since May, when a record scale of leveraged short liquidations became an important driving force behind the rapid rise in prices.
As the price rebounded, the financial side of the Bitcoin market also began to improve markedly. Data compiled by the media shows that in the past eight trading days, US-listed Bitcoin ETFs have accumulated a net inflow of more than 2.6 billion US dollars, indicating that institutional investors' demand for Bitcoin allocation is heating up again. Meanwhile, Wall Street institutions have restarted to give more optimistic Bitcoin price predictions, and market sentiment has improved markedly compared to previous months.
Another sign worth watching comes from the US cryptocurrency exchange market. According to the data, the price of Bitcoin on Coinbase (COIN.US), the largest cryptocurrency trading platform in the US, once again showed a premium compared to Binance, the world's largest trading platform, for the first time in about three months.
Bitget Wallet research analyst Lacie Zhang said that this may indicate that institutional capital allocation through ETFs is returning, while overall demand for US trading platforms is improving, but it has not yet reached a very strong level.
While Bitcoin has now surpassed 80,000 US dollars, US technology stocks have also seen a sharp rise. After Nvidia (NVDA.US) announced a strong business outlook, market confidence in the AI investment cycle was clearly boosted, driving technology stocks to strengthen collectively.
This trend also breaks with the previously popular view that if Bitcoin wants to start the next round of growth, investors need to withdraw their capital from strong AI stocks and switch to crypto assets.
At least for now, there is no obvious “choose one of two” for the two types of assets. AI concept stocks and Bitcoin are simultaneously benefiting from a rebound in investors' risk appetite.
This is especially important for cryptocurrencies that are highly dependent on market narratives and trading momentum. The price increase itself can improve investor sentiment and attract short-term traders to re-enter the market, thereby increasing volume and generating new purchases.
After months of falling prices and sluggish market sentiment, the restoration of investor confidence itself may be part of the driving force behind Bitcoin's continued rebound.
However, Bitcoin is still far below its all-time high. Bitcoin set a historical record of around $126,000 in October last year, and has since gone through major adjustments. Breaking through $80,000 again this week means that the price has clearly broken away from its previous low, but there is still a big gap from its all-time high. More importantly, the current resurgence of $80,000 shows that Bitcoin's upward momentum did not immediately disappear with the end of the initial large-scale short squeeze.
The previous rapid rise was largely driven by leveraged bears being forced to close positions, and whether they can actually hold on to or even break through $80,000 in the future depends more and more on investors' active buying demand, rather than technical purchases generated by bears being forced to make up for it.
LO:Tech CEO Tim Meggs said that Bitcoin may continue to rise over the weekend, while shortening trading hours next week usually means a decrease in market liquidity, which may in turn amplify price fluctuations. He believes that liquidity will be a key factor in determining the next phase of Bitcoin's trend.