**[Analysis: Bitcoin Approaches $80,000 Mark, ETF Inflows and Macro Liquidity as Key Variables]** Odaily Planet Daily News – On Friday, Bitcoin surged to its highest level since May during the U.S. trading session, briefly touching $79,400 before hovering around $78,000, just shy of the critical $80,000 resistance level. On Thursday, U.S. spot Bitcoin ETFs recorded a net inflow of $606 million, the highest level since May 1, boosting market risk appetite. James Butterfill, Head of Research at CoinShares, stated that this rally is primarily driven by macroeconomic factors rather than internal crypto market dynamics. Bitcoin remains highly sensitive to liquidity expectations and changes in real yields. Previously, lower-than-expected U.S. inflation data, weaker employment figures, and the U.S. Treasury's announcement of measures to lower long-term Treasury yields have fueled a rise in risk assets. Butterfill pointed out that $80,000 is a critical dividing line for Bitcoin at present. To achieve a meaningful breakout, the market needs further confirmation that the Federal Reserve is shifting toward a more accommodative monetary policy, with potential signals expected at next week's Jackson Hole meeting. However, he also cautioned that if inflation remains elevated or the U.S. dollar weakens, the Federal Reserve may be forced to adopt a more cautious stance. Additionally, the scale of accumulation by large holders remains relatively limited, and the market lacks strong confidence to sustain a breakout. Moving forward, the flow of funds into U.S. spot Bitcoin ETFs and macroeconomic data performance will be key indicators for assessing the sustainability of the trend. (CoinDesk)