Institutional demand is back and how.
The U.S.-listed spot bitcoin exchange-traded funds (ETFs) have pulled in nearly $1 billion in investor money over a period of seven straight trading days.
Investors have allocated almost $500 million this week alone, the best performance since early May, according to data source SoSoValue.
Bitcoin’s recently price topped $66,000 for the first time since mid-June and was last seen at around $65,680.
Bitcoin traded near $65,400 on Thursday, down 0.3% on the day and up 1.4% on the week, per CoinDesk data.
The market stayed quiet through Alphabet's earnings, the report the whole week had been waiting on for a read on AI spending.
Alphabet delivered a split verdict. Revenue rose 24% to $119.8 billion and cloud grew 82%, both ahead of expectations, but the company lifted its 2026 capital spending forecast again, to $195 billion to $205 billion from $180 billion to $190 billion, citing a "supply-constrained" scramble to meet AI demand.
Its stock fell after hours as investors weighed the heavier spend against slimmer free cash flow.
Alphabet's own shareholders may not like a fatter bill, but more capital pouring into AI infrastructure is what chip stocks have rallied on. Asian chipmakers rose again on Thursday, with the Kospi up 3.6% and Samsung and SK Hynix both up more than 2% on bets they will capture some of that spending.
The majors were flat. Ether held near $1,916, XRP at $1.13 and Solana at $77, with Hyperliquid the outlier, down 11% on the week. Oil kept climbing, extending a July rally that has revived inflation worries.
The next test is the Fed on July 28 and 29.
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