This article first appeared on GuruFocus .
Bitcoin ( BTC-USD ) has pushed back above $80,000, hitting its highest level in about 3 months, but this does not feel like a full blown breakout just yet.
The move took prices as high as $80,393, up about 1.9% in early trading, with Ether ( ETH-USD ) and other major tokens also moving higher. The backdrop is still a bit shaky, with mixed headlines around tensions in the Strait of Hormuz keeping broader markets slightly on edge, but that has not stopped money from flowing into crypto.
What is interesting is what is driving this move. A lot of the strength is coming from ETF inflows and leveraged positioning rather than strong conviction buying. U.S. spot bitcoin ETFs have pulled in roughly $2.7 biillion over the past 3 weeks, helping push total assets past $100 billion. At the same time, on chain signals suggest demand is not fully broad based, which means some investors are still hesitant even as prices climb.
