Spot Bitcoin exchange-traded funds (ETFs) saw a significant surge, attracting nearly $1 billion in net inflows over the past week, the highest in over three months. According to SoSoValue, total net inflows reached $996 million, with Friday alone contributing $663.9 million, marking the strongest single-day performance. This uptick in inflows coincides with increased trading activity, pushing total net assets across spot Bitcoin ETFs above $101 billion.
The shift in market sentiment is largely attributed to easing geopolitical tensions, particularly between the U.S. and Iran, which has reduced demand for traditional safe havens like the U.S. dollar. Analysts at Bitunix noted that Bitcoin is currently in a liquidity redistribution phase, trading within a defined range, with resistance near $75,000 and support around $72,000.
The reopening of the Strait of Hormuz for commercial shipping further fueled Bitcoin’s rally, pushing its price above $77,000. This development underscores the growing appetite for alternative assets amid fluctuating confidence in traditional markets.
Source: cointelegraph.com