Bitcoin surged 4.4% to around $68,300, extending a rally fueled by NVIDIA’s strong earnings. U.S. spot Bitcoin ETF inflows hit $506 million, their highest since early February, while on-chain data showed easing selling pressure on exchanges like Coinbase. Analysts noted the improved demand signals but cautioned that a definitive trend reversal is not yet confirmed.
Bitcoin extended its rally Thursday, climbing 4.4% to around $68,300. The move followed NVIDIA‘s blockbuster earnings report, which posted quarterly revenue of $68.1 billion and buoyed tech stocks.
U.S. spot Bitcoin ETFs recorded $506 million in inflows on Wednesday. According to data from SoSoValue, this was the highest daily haul since February 2.
On-chain data points to reduced selling pressure on U.S. exchanges. The Coinbase premium index flipped positive this week for the first time since mid-January.
Julio Moreno, head of research at CryptoQuant, stated that “Bitcoin spot demand is growing for the first time since late November.” CryptoQuant founder Ki Young Ju also noted the shift, pointing to the metric’s turnaround.
Lacie Zhang, Market Analyst at Bitget Wallet, said the easing pressure could signal a strategic entry point. “This easing… could indeed set the stage for a market bottom,” she said.
Illia Otychenko, Lead Analyst at CEX.IO, offered a more measured view. He attributed the reduced selling pressure to cooling speculative activity and a roughly 50% drop in spot volume from recent highs.
Otychenko cautioned that the current setup does not yet confirm a trend reversal. He said the developments are “not strong enough on their own to confirm a bottom—or kickstart an uptrend.”
Users on prediction market Myriad assign a 46% chance that Bitcoin’s next major move will be a pump to $84,000. That probability has increased from 31% on Wednesday.
