Bitcoin recently reached $80,000 due to strong demand from institutional investors through spot Bitcoin ETFs, rather than retail investor activity. This steady institutional demand is seen as a sign of long-term bullish sentiment by Gemini co-founder Cameron Winklevoss. The performance of US crypto ETFs this week was influenced by the outcome of the presidential elections. US spot Bitcoin ETFs collectively received around $2.3 billion in net inflows in the three trading days following Election Day. Other factors contributing to Bitcoin's price increase include the halving event and global monetary adjustments. Bitwise CIO Matt Hougan believes these factors could push Bitcoin's price to six figures.



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