Bitcoin Surges Past $66,600 as ETF Flows Turn Positive

Bitcoin has broken out of its recent range, surging past $66,600 and closing the gap with equities as ETF flows turn positive. The move comes after months of frustration among Bitcoin holders, who watched risk assets like equities grind higher while crypto remained stagnant.

The improvement in the macro backdrop is driving this move, with softer inflation data cooling rate fears and U.S. spot Bitcoin ETFs recording net inflows for the first time since May and June.

This shift in on-chain and flow data suggests a regime change in positioning, as institutional desks that had been cautious during the Fed's hawkish phase are now returning. However, clarity on regulatory rules could either accelerate or stall institutional commitments.