Bitcoin has surged past $79,000 this week, driven by a massive inflow of institutional capital and a geopolitical ceasefire. Over six trading days, spot Bitcoin ETFs recorded over $1.58 billion in net inflows, with BlackRock's IBIT hitting a record single-session intake of $970 million and total holdings of 806,700 BTC. The rally was further fueled by an Iran ceasefire, which restored risk appetite to the market for the first time since February.
Corporate adoption also played a key role. Strategy (formerly MicroStrategy) acquired 34,000 BTC for $2.54 billion, pushing its total holdings past 815,000 coins. Bitcoin briefly touched a high of $79,388 on Tuesday before settling near $77,800, marking its strongest level since the March conflict drove prices below $70,000.
Despite the Bitcoin rally, the gains have been concentrated in the leading cryptocurrency. Most altcoins remain flat or negative for the week. Analyst targets for BTC range from $82,000 in the short term to $100,000 by year-end, contingent on sustained ETF demand. However, prediction markets on Polymarket currently price the probability of Bitcoin reaching $100,000 by December at just 38%.
