Bitcoin’s price approached $74,000 amid heightened institutional activity, with spot Bitcoin ETFs seeing significant net inflows. Data shows BlackRock led purchases with over $600 million in the past week, while Grayscale’s fund was the largest seller. The broader cryptocurrency market also advanced, pushing total market capitalization near $2.6 trillion.
Bitcoin’s volatility is increasing following substantial institutional inflows over the past week. The leading cryptocurrency is testing the $74,000 level despite ongoing international geopolitical tensions.
This price movement coincides with increased institutional involvement through spot BTC ETFs. BlackRock has been the biggest buyer, acquiring $600.1 million worth of BTC, while Grayscale’s GBTC has been the biggest seller.
The combined inflows for these funds totaled $763.4 million last week. Meanwhile, Ethereum products also saw positive inflows of $160.9 million for the week ending March 13th.
Bitcoin has consistently made higher highs on the hourly chart since March 9th. The asset has recovered by more than 13% since that date.
The recent increase led to the liquidation of more than $300 million across the market. Major altcoins like Ethereum, XRP, and Solana also posted significant gains.
This activity resulted in a total market capitalization close to $2.6 trillion. Overall market sentiment, however, remains in an extreme state of fear according to a popular index.
The week ahead may bring more volatility with important economic events scheduled. February’s PPI inflation report is due on Wednesday.
The US Federal Reserve will also announce its decision on interest rates the same day. Prediction markets indicate a 99% probability of no change.
