Bitcoin surges back above US$69,000 — can ETF inflows turn the rebound into a breakout?

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Bitcoin has staged a sharp recovery, climbing back above US$68,000 on August 19 and briefly approaching US$69,000, marking its strongest level since early June. The rally came after Bitcoin had slipped towards the US$63,000 area earlier in August, highlighting how quickly sentiment has shifted across the crypto market.

The latest rebound has been driven by several factors. The US Treasury’s decision to double planned long-term Treasury buybacks to US$4 billion per operation from September helped ease pressure in the bond market and supported a broader recovery in risk assets, including Bitcoin. At the same time, a White House crypto meeting on August 19 reinforced expectations for a more supportive US regulatory environment for digital assets.

Institutional demand is also showing signs of returning. US spot Bitcoin ETFs recorded around US$297.6 million of net inflows on August 17, followed by another US$189.3 million on August 18, bringing combined inflows across the two sessions to nearly US$487 million. BlackRock’s iShares Bitcoin Trust was among the largest beneficiaries.