Cryptocurrencies surged across the board this morning, with Bitcoin briefly surpassing $74,450, up 3.7% for the day, marking a high since dropping to $60,000 in early February. The US Bitcoin spot ETF has seen net inflows for three consecutive weeks. During the Iran conflict that erupted in late February, Bitcoin outperformed many traditional assets. Gold fell 4.9% this month, while Bitcoin rose 12.5%. The fear and greed index, which reflects market sentiment, has rebounded to a neutral level of 42, and funding rates have returned to positive territory.
Bitcoin Breaks $74K
Cryptocurrencies rallied this morning, with Bitcoin exceeding $74,450 at one point, a 3.7% daily increase. Ethereum surged by 7.5%, while Solana and XRP rose 6.1% and 4.7%, respectively.
Bitcoin just broke above $74K, the highest since falling to $60K in early February.
Bitcoin ETF Continues Three Weeks of Net Inflows
According to SoSoValue, the US Bitcoin spot ETF has experienced net inflows for three consecutive weeks. Last week, 12 US-listed spot Bitcoin ETFs attracted over $767 million in net inflows. As of now, the total net inflow for March has reached $1.3 billion.
Funds flowing into exchange-traded funds (ETFs) indicate growing institutional confidence. Rachael Lucas, an analyst at BTC Markets, said:
“BlackRock’s IBIT accounts for about 78% of these flows, reflecting confidence buying rather than speculative rotation.”
Market Sentiment Turns Optimistic
During the Iran conflict that erupted in late February, Bitcoin outperformed many traditional assets. Gold declined 4.9% this month, while Bitcoin increased by 12.5%.
Caroline Mauron, co-founder of Orbit Markets, stated:
“Despite geopolitical uncertainties, crypto has maintained a bullish sentiment over the past week. The likelihood of breaking above $75,000 is high, as retail and strategic buyers believe the worst decline period for cryptocurrencies is over.”
The fear and greed index, which gauges market sentiment, has rebounded to a neutral level of 42. Funding rates have also returned to positive territory.
This article, “Bitcoin Breaks $74K, ETF Continues 3 Weeks of Net Inflows, Crypto Market Turns Optimistic?” first appeared on Chain News ABMedia.
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