CoinDesk
Bitcoin climbed above $64,200 on Saturday, gaining more than 8% from its June low near $59,000 and putting the largest cryptocurrency on track to snap a four-week losing streak. The rally was driven by a convergence of tailwinds: surging ETF demand and a geopolitical catalyst from South Asia.
Why it matters
Pakistan's Prime Minister posted on X that a peace agreement with Iran is "closer than ever before," with finalization expected within 24 hours and electronic signing to follow immediately — a statement that injected fresh optimism into risk assets broadly. Reduced regional tensions in the Middle East have historically acted as a relief valve for crypto sentiment, and this development landed at a moment when BTC was already technically oversold.
On the institutional side, U.S. spot Bitcoin ETFs recorded $85.9 million in net inflows on Friday — the largest single-day figure since May 14. A Standard Chartered analyst noted that ETF holders had anecdotally been liquidating positions to free up cash for the SpaceX IPO. With SpaceX's IPO launching Friday, that selling pressure may now be easing, removing a structural headwind that had been quietly weighing on BTC for weeks.
Market impact
Bitcoin is up roughly 1% on the week. A close above current levels would mark the first weekly gain in five weeks and could shift short-term momentum decisively. The combination of geopolitical de-escalation, institutional inflow recovery, and the removal of IPO-driven selling pressure gives bulls a credible multi-factor case heading into the weekly close.
Frequently asked questions
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Why did the SpaceX IPO affect Bitcoin ETF inflows?
A Standard Chartered analyst noted that ETF holders had anecdotally been liquidating BTC positions to free up cash for the SpaceX IPO. With the IPO launching Friday, that selling pressure is expected to ease, reducing a structural headwind on Bitcoin.
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How significant are the $85.9M in Bitcoin ETF inflows recorded on Friday?
The $85.9 million in net inflows on Friday was the largest single-day figure for U.S. spot Bitcoin ETFs since May 14, signaling a meaningful recovery in institutional demand after weeks of subdued or negative flows.
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What would a weekly close above $64,000 mean for Bitcoin's trend?
A weekly close at current levels would snap a streak of four consecutive weekly losses, potentially marking a momentum shift for BTC, which had been grinding lower since late May from a June low near $59,000.
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