Bitcoin Climbs Above $85,000 After ETF Inflows, Strategy Purchases — WSJ
By Vicky Ge HuangBitcoin surged above $85,000 on Monday for the first time since January.The largest cryptocurrency recently traded around $86,000, up 6% from its 4 p.m. ET level on Friday. Crypto-linked stocks, including Coinbase Global and Strategy, also moved higher Monday morning in tandem with bitcoin.Recent inflows from both individual and institutional investors likely drove the surge in price. Strategy, the bitcoin accumulation firm founded by Michael Saylor, bought $75.7 million worth of bitcoin last week. The company now holds 846,000 bitcoins worth about $72 billion.A group of bitcoin exchange-traded funds offered by asset managers including BlackRock and Fidelity Investments saw about $433 million in inflows on Friday, according to JPMorgan data.Broader positive sentiment is also buoying the market after the Securities and Exchange Commission and Commodity Futures Trading Commission took steps to make rules for digital assets after the collapse of a key crypto legislation.This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).