US liquidity plans and ETF inflows lift crypto to 11-week high
US liquidity plans and a possible dollar swap with the UAE, $1.54 billion in Bitcoin ETF inflows and higher miner profits pushed crypto to an 11-week high as Bitcoin hit $79,000 and Ether $2,400.
On Wednesday, US government liquidity plans and a potential dollar swap line with the United Arab Emirates, combined with $1.54 billion of inflows into US-listed spot Bitcoin exchange-traded funds and rising miner profitability, pushed total cryptocurrency market capitalization to an 11-week high. Bitcoin reached $79,000 and Ether climbed to $2,400.
Traders lifted crypto and technology shares as concerns about an immediate US recession eased. US officials signaled readiness to provide targeted support for private firms. President Donald Trump urged federal aid for Spirit Airlines, saying ‘the federal government should help’ the carrier. Treasury Secretary Scott Bessent described a potential dollar swap with the UAE as a way to ‘maintain order in the dollar funding markets.’
US-listed spot Bitcoin ETFs recorded six consecutive days of net inflows totaling $1.54 billion, according to market data. The Morgan Stanley Bitcoin Trust reached roughly $145 million in net assets within three weeks of its US launch.
Miner economics improved as Bitcoin neared $79,000. Luxor’s Hashprice Index showed miner profitability at its highest level since January, raising expected daily earnings per terahash. Several publicly traded mining firms previously sold Bitcoin holdings to fund expansion into data centers and AI infrastructure; examples include MARA Holdings, Riot Platforms, Core Scientific and Cango.
Equities and energy markets moved alongside cryptocurrencies. The Nasdaq-100 hit a record high ahead of quarterly results from major technology firms. Brent crude rose about 9% over two days after reports that Iran targeted two vessels in the Strait of Hormuz.
Currency swap lines between the US and allies can reduce the need for those countries to sell US Treasuries to obtain dollars, which can prevent spikes in Treasury yields by easing dollar funding strains.
Market participants are watching upcoming technology earnings and developments in the Gulf for signals on liquidity, ETF demand and miner selling behavior. Analysts say miner selling for capital projects and shifts in macro conditions remain factors that could affect short-term on-chain supply.
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