Key Notes
- Spot BTC ETFs saw $744 million in weekly inflows.
- Most of the inflows came from BlackRock’s IBIT fund.
- Bitcoin crossed the $87,000 zone.
Spot Bitcoin
BTC
$87 476
24h volatility:
3.3%
Market cap:
$1.74 T
Vol. 24h:
$20.92 B
ETFs in the US recorded a two-month high weekly net inflow of $744.35 million between March 17 and 21, triggering bullish momentum for the leading digital asset.
Their weekly trading volume reached $9.5 billion.
After five weeks of consecutive outflows, this was the first weekly net inflow for the US-based investment products, according to data provided by SoSoValue.
BlackRock’s IBIT fund contributed the most with a weekly inflow of $537.5 million followed by Fidelity’s FBTC ETF’s $136.5 million inflow in the same timeframe.
Thanks to the latest stream of inflows, the total net inflow of the spot BTC ETFs surpassed the $36 billion mark again.
The US-based Ethereum
ETH
$2 088
24h volatility:
4.0%
Market cap:
$252.47 B
Vol. 24h:
$12.88 B
ETFs, on the other hand, continued their weekly outflows, worth $102.9 million, for the fourth consecutive week.
Bitcoin Breaches $87,000
The inflow into the spot BTC ETFs was one of the major reasons behind Bitcoin’s bullish momentum.
Last week, the US Federal Reserve Chair Jerome Powell announced at the US Federal Open Market Committee meeting that the interest rates will remain at 4.25% to 4.50%, Coinspeaker reported.
In addition, US President Donald Trump‘s speech at the Digital Asset Summit in New York City at North Javits bolstered the positive momentum in the crypto market. Trump said that the US will “dominate” the industry as he supported Bitcoin and stablecoins.
The positive set of events helped Bitcoin break its consolidation range between $80,000 and $83,000. The leading digital asset gained 3.3% in the past 24 hours and is trading around the $87,000 zone at the time of writing.
Bitcoin’s market cap surpassed $1.7 trillion with a daily trading volume of $18.66 billion.
The leading altcoin, Ethereum, reached $2,070 amid the market-wide rally. According to data provided by CoinMarketCap, the global crypto market cap gained 3.2% and is hovering at $2.85 trillion.
At this point, Bitcoin would need to break the $90,000 psychological barrier to continue its upward momentum. However, a sudden fall below $84,000 could potentially push the digital gold below the $80,000 mark.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.