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Bitcoin chases $75,000 as the return of aggressive spot BTC ETF inflows, billion dollar buys from Strategy and an improvement in investors’ risk appetite propel the crypto market.) price recovery extended into a third week as the price rallied to $74,509, a level not seen since Feb.
4. While markets remain reluctant to confirm whether or not Bitcoin bottomed, the cryptocurrency is up 22.5% from its Feb. 6 low at $60,000 and data point to a renewed institutional investor appetite as a potential key player in the current bullish breakout. “Inflows to exchange-traded funds suggest a return of institutional confidence. Net flows for the 12 US-listed spot Bitcoin ETFs topped $763 million last week, a third consecutive week of inflows” On Monday, Metaplanet, a Tokyo-based public company that established Japan’s first corporate Bitcoin treasury, announced that it has raised $255 million in a “private placement” for a new instrument that aims to purchase more Bitcoin. Metaplanet CEO Simon Gerovichthat “Bitcoin is approaching this week’s FOMC meeting on March 18 with renewed momentum, and has decisively reclaimed the $70,000 level.” The report noted Bitcoin’s market structure had “improved meaningfully” even though BTC has “yet to secure a breakout above local range highs.” According to Bitfinex analysts, the absorption-to-emissions ratio highlighted institutional investors “absorbing nearly five times the daily miner supply,” and this, combined with rising BTC futures open interest, indicated that the market was beginning to mirror “healthier” structures seen earlier in the year. When asked whether Bitcoin had bottomed and if institutional capital flows were responsible for the price upswing, Hyblock analysts explained that “following the sharp drop, the market entered a consolidation phase where open interest declined, shorts used more margin, and both spot and perpetual CVDs pointed to selling pressure.” “Over the past month, that regime has shifted. Traders have started increasing leverage on the long side, open interest is rising, and the perps CVD has turned positive while spot flows remain weak. This suggests the push toward the top of the range is largely being driven by derivatives positioning rather than spot demand.” This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
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