Bitcoin has climbed from $85K to $119K in just a few months. The driver? Another strong expansion phase in Bitcoin ETF flows which have moved sharply higher. It’s the third time this pattern has played out since last year. And each time, the correlation between flows and price action has been clear.

Right now, Bitcoin is benefitting from a triple tailwind: strong ETF inflows, momentum from a fresh all-time high, and breakouts in U.S. stock indices. That’s a powerful setup and it increases the odds that this rally still has room to run. Follow @ecoinometrics for more data-driven insights on Bitcoin and macro.