Bitcoin fell more than 3% in 24 hours to $77,379 by Friday afternoon New York time, ending a strong rally that had pushed it as high as $81,281 earlier in the week. The advance was driven largely by capital flowing into U.S. spot Bitcoin ETFs, which recorded $1.14 billion in net inflows this week and more than $3 billion over the past nine days, with BlackRock's iShares Bitcoin Trust receiving the largest share. Market sentiment cooled after Fed Chair Kevin Warsh said in his first major speech since taking office that there was still more work to do on inflation. The rally was also supported by the U.S. Treasury's decision last week to double the size of liquidity-support buyback operations. Analysts link the move to a currency-debasement trade (investors seeking protection from weaker money), as total U.S. Treasury debt surpassed $40 trillion for the first time this month, intensifying concerns about erosion of fiat-currency purchasing power.