Bitcoin rose to a three-month high on Monday, propelled primarily by a fresh wave of buying in U.S.-listed exchange-traded funds and increased long positions, even as spot retail demand appeared muted.
By 00:55 ET (04:55 GMT), the world's largest cryptocurrency was trading at $80,286.5, up 2.7% for the session and on track for roughly a 12% gain for April, supported in part by bargain hunters stepping back into the market.
Some momentum also stemmed from incremental movement toward passage of a significant U.S. regulatory bill - the CLARITY Act - although that legislation still looked distant from becoming law.
ETF flows underpin April gains
The bulk of Bitcoin's appreciation during April was tied to heavy inflows into major U.S.-listed exchange-traded funds. Data compiled by aggregator SoSoValue showed net ETF inflows of $1.97 billion in April, the largest monthly total since October 2025 - the last time Bitcoin reached a record high.
However, those inflows remained below the average monthly levels seen in 2025, and the ETF purchases coincided with generally strong returns in U.S. equities through the month.
Despite the ETF-driven returns, spot demand within the United States appeared lackluster. On Coinbase - the largest U.S. crypto exchange - Bitcoin continued to trade at a discount compared with average global spot prices, a sign that U.S. retail buying remained weak and could presage a shift after its recent run-up.
Strategy pauses weekly purchases ahead of earnings
Strategy Inc (NASDAQ:MSTR) - identified in the market as the world's largest corporate holder of Bitcoin - has stopped its customary weekly Bitcoin acquisitions this week, according to a statement by Chairman Michael Saylor.
The suspension comes just ahead of Strategy's first-quarter earnings report due on Tuesday. Investing.com forecasts show the company is expected to report a Q1 loss of $13.67 per share on revenue of $120.75 million. The company recorded an outsized loss in the fourth quarter driven by declines in the value of its Bitcoin holdings.
Altcoins generally rise alongside Bitcoin
Broader cryptocurrency prices moved higher on Monday in step with Bitcoin. Ether, the second-largest crypto, advanced 3.6% to $2,387.64.
Other tokens also posted gains: XRP and BNB rose by more than 2% each, Solana added 2.3%, and Cardano increased 1.9%. Among memecoins, Dogecoin climbed 4.6%, while the token $TRUMP gained 0.8%.
Still, broader upside was constrained by lingering uncertainty related to the war in the Middle East and questions about the path for global interest rates, which limited larger moves across the crypto complex.
Context and near-term considerations
Overall, ETF inflows were the chief driver of Bitcoin's recent strength, even as spot U.S. retail demand remained subdued. The temporary halt in corporate buying by Strategy ahead of its quarterly results is another factor keeping demand dynamics in focus for market participants.
Traders and investors will be watching both incoming macro signals - particularly developments around the CLARITY Act and broader geopolitical and interest-rate risks - and corporate disclosures such as Strategy's earnings report for clues on the sustainability of the recent rally.