Bitcoin's Bullish Surge: Biggest Weekly Gain Since October Amidst ETF Inflows

Bitcoin experienced a significant surge last week, with its value rising by over 13% to reach $48,300, marking its largest weekly gain since October. This bullish momentum extended across the broader cryptocurrency market, as evidenced by the 11% increase in the CoinDesk 20 Index, which tracks major cryptocurrencies. Despite reports of bankrupt crypto lender Genesis seeking approval to liquidate its $1.6 billion bitcoin holdings, continued inflows into U.S.-based spot bitcoin exchange-traded funds (ETFs) played a significant role in driving the rally. Notably, on Thursday alone, spot ETFs received over $400 million in inflows, marking their best day in nearly a month.