Bitcoin’s price is approaching the $74,000 level amid ongoing international geopolitical tensions. The move comes on the back of increased institutional involvement, as witnessed by the net inflows into spot BTC ETFs.
Data shows that BlackRock has been the biggest buyer, acquiring $600.1 million worth of BTC over the past week, while Grayscale’s GBTC has been the biggest seller. The world’s largest asset manager is on a five-day streak, last selling on March 6th. The combined inflows total $763.4 million last week.
Meanwhile, ETH is also seeing positive inflows of $160.9 million for the week ending on March 13th. The biggest buyer was Fidelity’s FETH ETF, while the biuggest seller was once again Grayscale.
Bitcoin’s Price Tests $74,000
The leading cryptocurrency has consistently been making higher highs on the hourly chart since March 9th, pushing above $74,000 today and recovering by more than 13% since then.
As CryptoPotato reported, the most recent increase led to the liquidation of more than $300 million across the board as the broader market also moves forward. Ethereum’s price is up 7.4% over the past 24 hours; XRP is up 5.2%; Solana is up 5.8%; and so forth.
This has resulted in a total market capitalization of close to $2.6 trillion and an improvement in the overall sentiment. The latter, however, remains in an extreme state of fear, according to the popular Fear and Greed Crypto Index.
The Week Ahead in Crypto
As volatility picks up, the week ahead might bring more of it, with important economic events scheduled over the next few days.
First things first, February’s PPI inflation report is coming out on Wednesday. It’s unlikely to change the Federal Reserve’s hawkish stance, but it’s important to monitor nonetheless.
Again, on Wednesday, the US Central Bank will announce its decision on interest rates. Prediction markets and CME futures predict a 99% probability of no change.
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