Bitcoin Hits $87,000 Following $744 Million Weekly ETF Inflows
Spot Bitcoin ETFs in the US saw a two-month high weekly net inflow of $744.35 million from March 17 to 21, reversing five weeks of outflows. Weekly trading volume reached $9.5 billion.
- BlackRock’s IBIT fund had the largest inflow of $537.5 million.
- Fidelity’s FBTC ETF followed with an inflow of $136.5 million.
- Total net inflows for spot BTC ETFs surpassed $36 billion.
In contrast, Ethereum ETFs recorded a continued outflow of $102.9 million for the fourth consecutive week.
Bitcoin Breaches $87,000
The inflow into spot BTC ETFs contributed significantly to Bitcoin's price increase. Recent announcements from US Federal Reserve Chair Jerome Powell indicated interest rates will remain at 4.25% to 4.50%. Additionally, US President Donald Trump expressed support for Bitcoin and stablecoins at the Digital Asset Summit, further boosting market sentiment.
- Bitcoin gained 3.3% in the last 24 hours, trading around $87,000.
- Market cap exceeded $1.7 trillion with a daily trading volume of $18.66 billion.
- Ethereum reached $2,070 during the rally; global crypto market cap increased by 3.2% to $2.85 trillion.
For sustained upward momentum, Bitcoin must break the $90,000 psychological barrier, while falling below $84,000 could lead to a decline under $80,000.