$BTC

Bitcoin is approaching $80,000 for the first time since January — a thinly veiled recovery based not on euphoria but on short-covering and Strategy’s relentless coin hoarding, Bloomberg reports.

Investors have poured about $2 billion into bitcoin exchange-traded funds (ETFs) over the past month, Bloomberg data shows. Net flows turned positive in March for the first time in four months. Meanwhile, Michael Saylor’s Strategy has bought $3.9 billion worth of tokens so far this month, the most in a year, according to company data compiled by Bloomberg.