Key Points
- Bitcoin’s value reaches $87,000 following a $744M weekly influx into BTC ETFs in the US.
- Ethereum ETFs in the US continue to experience weekly outflows for the fourth consecutive week.
The price of Bitcoin has surged to $87,000 after US Bitcoin ETFs recorded a two-month high weekly net inflow of $744.35 million. This occurred between March 17 and 21, sparking a bullish momentum for the leading digital asset.
The weekly trading volume hit $9.5 billion. This is the first weekly net inflow for the US-based investment products after five consecutive weeks of outflows, according to data from SoSoValue.
Major Contributors
BlackRock’s IBIT fund was the largest contributor with a weekly inflow of $537.5 million. This was closely followed by Fidelity’s FBTC ETF with a $136.5 million inflow within the same timeframe.
The total net inflow of the spot BTC ETFs surpassed the $36 billion mark again due to the latest stream of inflows. However, US-based Ethereum ETFs experienced their fourth consecutive week of outflows, worth $102.9 million.
Bitcoin’s Bullish Momentum
The inflow into the spot BTC ETFs was a significant factor in 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%.
In addition, US President Donald Trump’s speech at the Digital Asset Summit in New York City further boosted the positive momentum in the crypto market. Trump stated that the US will “dominate” the industry and showed support for Bitcoin and stablecoins.
These positive 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 currently trading around the $87,000 zone.
Bitcoin’s market cap has surpassed $1.7 trillion with a daily trading volume of $18.66 billion. Meanwhile, Ethereum, the leading altcoin, 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.
