CoinDesk
Bitcoin cleared $64,000 on Saturday, hitting an intraday high above $64,200 and trading up more than 1% on the day. The largest cryptocurrency by market cap is now up over 8% from its June low just above $59,000, putting it on track to snap a four-week losing streak if it holds gains into the weekly close.
The bid was carried by two reinforcing tailwinds. U.S. spot bitcoin ETFs recorded $85.9 million in net inflows on Friday — the largest single-day haul since May 14 — and Pakistan's prime minister said on X that a Middle East peace deal is closer than ever, with finalisation expected within 24 hours and technical-level talks scheduled for next week.
Why it matters
The ETF-flow print is the cleaner signal of the two. $85.9M in a single day doesn't sound dramatic in a market that has regularly booked nine-figure flows, but it is the first time in weeks that demand has decisively outweighed the steady drip of selling. Standard Chartered noted on Friday that ETF holders had been liquidating positions to free up cash for the SpaceX IPO; with that offering now live, that one-off overhang has reason to ease. A peace deal would layer a second tailwind on top: a meaningful unwind of the Middle East risk premium that has capped BTC's recovery attempts since the June flush.
Market impact
Structurally, the print matters more than the price. BTC is still well below its early-year highs, and a single 1% Saturday session is not a regime change — but a confirmed weekly close in the green would be the first since the early-June selloff, breaking the streak that has been defining tape since the spring. The combination of ETF flows turning positive again, the SpaceX-driven selling pressure fading, and a credible geopolitical de-escalation in play is the exact stack of conditions that has been missing for any sustained relief rally. Watch the next two daily ETF-flow prints: another $85M+ session would confirm the bid is structural, while a fade back to net outflows would suggest Friday's number was a single-day repositioning rather than a re-entry.
Frequently asked questions
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Why did Bitcoin rise above $64,000 on Saturday?
Bitcoin climbed above $64,000 on Saturday, reaching an intraday high above $64,200, supported by $85.9M in net inflows to U.S. spot bitcoin ETFs on Friday — the largest single-day haul since May 14 — and by Pakistan's prime minister saying a Middle East peace deal is closer than ever, with finalisation expected within…
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How large were Friday's spot Bitcoin ETF inflows?
U.S. spot bitcoin ETFs recorded $85.9 million in net inflows on Friday, the largest single-day net inflow since May 14, per data cited in the report.
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What did Pakistan's prime minister say about the Iran peace deal?
Pakistan's prime minister said on X that a peace deal is closer than ever, with finalisation expected within the next 24 hours, followed by electronic signing of the agreement and technical-level talks scheduled for next week.
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How does the SpaceX IPO connect to Bitcoin ETF flows?
A Standard Chartered analyst noted on Friday that ETF holders had been anecdotally liquidating positions to free up cash for the SpaceX IPO. With the offering now live, that selling pressure has reason to ease, removing a one-off overhang from spot BTC ETF demand.
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Would a confirmed weekly close above $64,000 break a losing streak?
Yes. Bitcoin is up roughly 1% on the week, and a hold into the Sunday weekly close would snap a four-consecutive-week losing streak — the first positive weekly print since the early-June selloff that bottomed near $59,000.
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