Bitcoin is moving closer to the $74,000 level as geopolitical tensions continue globally. The price increase is supported by rising institutional participation, reflected in strong inflows into spot Bitcoin exchange traded funds.
Recent data shows that BlackRock has been the largest buyer, acquiring about $600.1 million worth of Bitcoin during the past week. In contrast, Grayscale Investments recorded the largest outflows through its Grayscale Bitcoin Trust. The world’s largest asset manager has now extended its buying streak to five days, with its most recent sale recorded on March 6. Overall, combined inflows into Bitcoin ETFs reached approximately $763.4 million last week.
Ethereum also experienced positive investment flows, recording $160.9 million in inflows for the week ending March 13. The largest buyer was Fidelity Investments through its Fidelity Ethereum Fund ETF, while Grayscale Investments once again registered the largest outflows.
Bitcoin Approaches $74,000
Bitcoin has been forming higher highs on hourly charts since March 9. The asset moved above $74,000 and has recovered more than 13 percent since the beginning of the rally.
The recent surge triggered significant market liquidations as traders betting against the market were forced to close positions. More than $300 million in positions were liquidated as the broader cryptocurrency market moved higher.
Other major cryptocurrencies also recorded gains over the past 24 hours. Ethereum rose about 7.4 percent, XRP gained roughly 5.2 percent, and Solana increased around 5.8 percent.
These increases pushed the total cryptocurrency market capitalization to nearly $2.6 trillion and improved market sentiment. However, the widely followed Crypto Fear and Greed Index still indicates that investor sentiment remains in a state of extreme fear.
Key Events to Watch This Week
Market volatility may continue in the coming days as several important economic events are scheduled.
One of the first major updates will be the February Producer Price Index report, which is expected to be released on Wednesday. While the report is unlikely to significantly change the current policy stance of the Federal Reserve, it remains an important indicator for investors to monitor.
Later the same day, the Federal Reserve will also announce its latest decision on interest rates. According to prediction markets and futures data from CME Group, there is currently a 99 percent probability that interest rates will remain unchanged.#crypto#cryptonews https://t.me/coinsignalpublic https://coinsignals.net
