Bitcoin surged past the $80,000 mark on Tuesday, as renewed inflows into spot bitcoin ETFs and improving risk appetite extended the cryptocurrency’s recent rally.

The flagship cryptocurrency last jumped over 2% to $80,501.

The latest move extends a sharp rally that began last week, when bitcoin surged more than 20% in three days, its biggest three-day gain since 2023. The rally was fueled partly by a short squeeze, with more than $4 billion in bearish crypto positions liquidated as prices rose.

The gains followed the U.S. Treasury’s announcement that it would double its purchases of longer-dated government bonds. The move briefly pushed yields lower and revived demand for risk assets, while growing concern over inflation and government…