Bitcoin rises to $80,000, mainly due to strong demand from institutions through spot Bitcoin ETFs, rather than retail investors' FOMO (fear of missing out).

Shortly after the U.S. presidential election, net inflows into spot Bitcoin ETFs reached approximately $2.3 billion.

Cameron Winklevoss, co-founder of Gemini, pointed out that this 'sticky' demand indicates a long-term bullish sentiment in the market, and the current market cycle is still in its early stages.

Winklevoss stated that the rise in Bitcoin is primarily driven by ETF demand, rather than retail investors chasing prices, 'this is a form of capital similar to HODL (holding rather than selling), with the bottom continually being raised.'

Influenced by the presidential election, the performance of U.S. cryptocurrency ETFs fluctuated this week. After Trump announced victory on November 5, the trends for spot Bitcoin and Ethereum ETFs reversed.

According to Farside Investors data, 11 spot Bitcoin ETFs attracted approximately $622 million in net inflows on Wednesday. BlackRock's IBIT trading volume set a record of $4.1 billion, despite a net outflow that day.

Subsequently, IBIT recorded over $1 billion in net inflows on Thursday, bringing its total managed assets to over $33 billion, surpassing BlackRock's iShares Gold Trust (IAU).

Overall, U.S. spot Bitcoin ETFs absorbed approximately $2.3 billion in net inflows over three trading days following the election. Other crypto products also benefited, with spot Ethereum ETFs attracting nearly $218 million from Wednesday to Friday.

Classic supply and demand dynamics are driving the rise of Bitcoin. Institutions are purchasing Bitcoin through ETFs, while the halving event limits supply. Bitwise CIO Matt Hougan believes this could push Bitcoin prices towards six figures.

Global monetary policy adjustments (such as China's stimulus measures and the Federal Reserve's interest rate decisions) may also exert upward pressure on Bitcoin prices.