(Bloomberg) -- Bitcoin climbed for a seventh consecutive day, with options traders increasing bets that the digital asset will soon surpass its late 2021 high. 

The largest cryptocurrency increased as much as 2.9% to $63,189. It has surged more that 20% since last Friday, the biggest weekly increase in a year. Other tokens also continued to post gains in the wake of Bitcoin’s rally. Ether was up about 3%, while the memecoin Dogecoin surged around 20% to around 14 cents. 

The seemingly endless demand for US exchange-traded funds that hold Bitcoin has traders raising bets that the record price of almost $69,000, last seen during the Covid pandemic, will soon be surpassed. The funds began trading in January.

“There has been a significant uptick in activity around Bitcoin options, driven by the latest surge in BTC prices,” said Aakash Desai, head of options trading at B2C2. “This has led to increased bets on future price movements and market volatility.”  

As a group, ETF inflows are on track for their best week ever after BlackRock Bitcoin ETF broke one record after the next, attracting $1.7 billion in a span of three days. The iShares Bitcoin Trust (ticker IBIT) fund has accumulated $10 billion in just seven weeks — the fastest an ETF has ever hit such a milestone — according to Bloomberg Intelligence. For context, the $54 billion SPDR Gold Shares (GLD) launched in 2004, which Bitcoin funds are often compared to, took over two years to hit that level.   

It’s been a blockbuster week for ETFs, which has raked in $7.4 billion in aggregate since they first made their debut in January even with outflows from Grayscale’s fund. All four ETFs now comfortably hold above a billion dollars in assets. BlackRock’s IBIT leads the group having never skipped an inflow followed by Fidelity Wise Origin Bitcoin Fund (FBTC), which has attracted net inflows of $4.5 billion since its inception.

“Staggering flows into the BTC ETFs is the primary driver of the current strong price action,” said Teong Hng, chief executive at crypto investment firm Satori Research.  

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