Hassan Maishera
TL;DR
-
BTC is up 2.7% in the last 24 hours and is now trading above $78k.
-
The positive pullback comes as institutional inflow into ETFs resumes.
BTC Reclaims $78k as Altcoins Rally Higher
The cryptocurrency market is back in the green after a bearish weekend, with Bitcoin reclaiming the $78,500 level. The leading cryptocurrency is up 2.7% in the last 24 hours after dropping below $75k on Sunday.
The rally in the last 24 hours was fueled by institutional inflows into the market. Data obtained from SoSoValue reveals that U.S. spot Bitcoin Exchange-traded Funds (ETFs) recorded $561.9 million in net inflows on Monday, snapping a four-day streak of outflows and marking the strongest single-day intake since mid-January.
The inflow came amid continued volatility in the market. While Bitcoin is now trading above $78k, it is still below the levels seen before the sell-off.
SoSoValue reveals that Fidelity's FBTC led the inflows on Monday with $153.4 million, followed by BlackRock IBIT's inflows of $142 million. Bitwise's BITB saw $96.5 million in net inflows, while funds from Grayscale, Ark & 21Shares, VanEck, Invesco, and WisdomTree also posted inflows.
While speaking with The Block, Vincent Liu, CIO at Kronos Research, stated that the inflow on Monday was a sign of renewed conviction among large allocators.
"Large allocators are using regulated ETFs to scale exposure as part of macro positioning shifts, portfolio rebalancing, or positioning ahead of catalysts. If this trend continues, spot buying can tighten liquid supply and support a firmer near-term market backdrop," Liu added.
The inflow also comes after two consecutive weeks of net outflows, with spot bitcoin ETFs shedding $1.49 billion last week and $1.33 billion the week before.
Monday's inflows follow two consecutive weeks of net outflows, with spot bitcoin ETFs shedding $1.49 billion last week and $1.33 billion the week before.
Altcoins Rally Higher
Bitcoin’s recovery also saw altcoins rally higher in the last 24 hours. Ether has reclaimed the $2,300 level after adding 4% to its value. Ether’s rally came after Ethereum ETFs recorded $2.86 million in net outflows on Monday, compared with outflows of $252.87 million last Friday.
Hyperliquid’s HYPE has entered the top 10 after adding 10% to its value, making it the best performer among the leading cryptocurrencies. Thanks to this rally, HYPE is trading at $37.22 per coin.
