Bitcoin rose to a three-month high on Monday, fueled by a wave of recent buying in exchange-traded funds and long positions,
although spot demand for the cryptocurrency still looked weak.
The world's largest cryptocurrency rose 2.7% to $80,286.5 by 8:55 AM (12:55 PM Moscow time), having gained nearly 12% in April, benefiting from buying on the dip.
Some progress toward passing a major regulatory bill in the US also provided support, although the bill, the CLARITY Act, remains far from being passed.
The broader cryptocurrency market also rose on Monday. However, further gains were largely capped by ongoing uncertainty over the Middle East war and global interest rates.
Bitcoin Benefits from ETF Inflows, but Spot Demand Sluggish
Bitcoin's rally in April was driven primarily by strong inflows into major US-listed exchange-traded funds.
Data from aggregator SoSoValue showed that net inflows into ETFs reached $1.97 billion in April, the highest level since October 2025, when Bitcoin last reached an all-time high.
However, inflows remained significantly below the average monthly levels seen in 2025. ETF inflows also coincided with strong US stock market performance in April.
Spot demand in the US, however, remained sluggish. Bitcoin continued to trade at a discount on Coinbase, the largest US exchange, to average global spot prices.
This indicated that US retail demand for cryptocurrency remained weak and could herald a potential reversal following recent performance.
Strategy Suspends Bitcoin Purchases Ahead of Q1 Report
Strategy Inc. (NASDAQ:MSTR), the world's largest corporate Bitcoin holder, has suspended its weekly Bitcoin purchases this week, Chairman Michael Saylor announced in a statement.
The move comes shortly before Strategy's Q1 earnings release, scheduled for Tuesday. The company is expected to report a loss of $13.67 million on revenue of $120.75 million for the first quarter, according to Investing.com forecasts.
Strategy posted a deep, significant loss in the fourth quarter due to a loss in the value of its Bitcoin holdings.
Cryptocurrency Prices Today: Altcoins Rise Following Bitcoin
The broader cryptocurrency market rose in unison with Bitcoin. The world's second-largest cryptocurrency, Ether, rose 3.6% to $2,387.64.
XRP and BNB each rose more than 2%, while Solana and Cardano gained 2.3% and 1.9%, respectively.
Among memecoins, Dogecoin rose 4.6%, and $TRUMP rose 0.8%.