Bitcoin gained strong bullish momentum as the weekly inflows into the US-based spot BTC exchange-traded funds reached their two-month highs.
Spot Bitcoin BTC $67 974 24h volatility: 0.4% Market cap: $1.36 T Vol. 24h: $20.13 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 $1 973 24h volatility: 0.7% Market cap: $238.01 B Vol. 24h: $11.31 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.
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