The world’s largest cryptocurrency last traded 0.3 per cent lower at $77,794.4
Bitcoin dropped below the $78,000 mark on Friday but remained on track for a fourth straight weekly gain, supported by sustained institutional inflows, while escalating tensions in the Middle East and surging oil prices capped momentum.
The world’s largest cryptocurrency last traded 0.3 per cent lower at $77,794.4 by 07:00 GMT.
Bitcoin has briefly risen above $79,000 on Wednesday and was set to jump 4 per cent for the week — its fourth straight weekly rise.
Data from SoSoValue showed that U.S.-listed spot Bitcoin exchange-traded funds continued to attract strong inflows, with around $1 billion in net inflows recorded over the past week, marking one of the strongest weekly intakes since January.
Cumulative net inflows across Bitcoin ETFs have now jumped above $58 billion, with total assets hovering around or above the $100 billion mark, underscoring the scale of institutional participation.
Market sentiment remained fragile as tensions in the Middle East persisted despite a three-week ceasefire extension between Israel and Lebanon.
Concerns over the Strait of Hormuz – a crucial waterway for the world’s oil supply – continued to dominate investor focus, with disruptions and military activity heightening uncertainty.
Oil prices remained higher, with Brent crude climbing past $106 per barrel, reinforcing inflation concerns and weighing on risk-sensitive assets such as cryptocurrencies.
Bitcoin has shown resilience in recent sessions, having rallied alongside risk assets earlier in the week on optimism around ceasefire developments.
The dollar also firmed on Friday on safe-haven demand, reflecting broader caution across financial markets, while global equities traded mixed.
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