Bitcoin (BTC) has risen by 19% in just over a month, topping $80,000 for the first time since January, defying the typical inflation playbook. The move comes as oil prices rise and Bloomberg's commodity futures index indicates inflation in the pipeline. This combination is usually considered bearish for bitcoin due to the Federal Reserve's expected increase in interest rates. However, a different interpretation suggests a shift in how BTC is used as an inflation hedge. Since March, the 11 U.S.-listed spot bitcoin exchange-traded funds have raised $4.45 billion in investor capital, nearly reversing the massive outflow during the autumn that weighed on the spot price. Since then, most of these inflows are seemingly bullish directional bets rather than the once-popular non-directional arbitrage play. The view that bitcoin is an inflation hedging is no longer confined to crypto circles.