Bitcoin's price surge has driven the strongest weekly inflow into spot Bitcoin exchange-traded funds (ETFs) in ten months. Data shows that 13 US-listed funds attracted a net total of $1.92 billion, marking the highest level since October of last year.

The inflows coincided with Bitcoin rising about 23% last week, its biggest weekly gain in more than three years. By midday Monday in Singapore, Bitcoin was trading near $77,000. The rally was initially fueled by US plans to expand long-term Treasury buybacks to lower yields, with a short squeeze then amplifying gains as traders were forced to cover bearish positions.

The surge in ETF inflows points to broadening demand for Bitcoin. "We saw net inflows every trading day last week, indicating renewed investor interest in Bitcoin," said Gracie Lin, CEO of cryptocurrency exchange OKX SG. "The question now is whether this momentum can hold. After such a strong run, some profit-taking would not be surprising."

Last week, BlackRock's iShares Bitcoin Trust attracted $1.3 billion in inflows. However, Bitcoin ETFs have still seen roughly $2.9 billion in outflows year-to-date. Whether this rally can translate into sustained demand and kick off a new bull market remains to be seen.

"In the short term, the market appears overheated, but it still has solid support," said Jayke Kyndrede, senior sales trader at market maker QCP Group. "Some consolidation or pullback after such a rapid rise would not be unusual, but with demand still strong, the timing and depth of any correction are hard to predict."