Bitcoin Holds $80,000 Level as ETF Inflows Return

Bitcoin remains steady near $80,000 this Thursday. The asset is holding onto gains recorded following the outcome of the US midterm elections. The price reached $79,684.32, marking a 1.5% increase over the last 24 hours.

Exchange-traded funds, known as ETFs, have returned to positive territory. After three sessions of withdrawals totaling $1.16 billion, the market attracted $74.6 million on Wednesday. This movement halted the negative streak that had been pressuring the digital asset's value.

Analysts note that the recent rally was driven by the forced closing of short positions. Demand from new buyers remains modest outside of the ETF environment. On the Coinbase exchange, bitcoin continues to trade at a discount compared to other platforms.

The global macroeconomic landscape demands caution due to oil price fluctuations and a decline in technology stocks. Volatility in these sectors may influence risk appetite and the liquidity available for digital assets. Ether and Solana are following the upward trend, with gains of 2.8% and 1.8% respectively.