🛑🛑3 Reasons Why Bitcoin Price Is Up Today

BTC

$70,913.38

+7.59%

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🛑Bitcoin (BTC) price rose back above $70,000 for the first time in a week, recovering from the streak of negative flows into spot BTC exchange-traded funds (ETF) last week.

Data from Cointelegraph Markets Pro and TradingView shows the BTC price climbed from an opening of $67,212 to an intra-day high of $70,306 on March 25. At the time of publication, BTC was trading at $70,268, up 7.5% over the last 24 hours.#BTC $BTC

🛑BTC/USD daily chart. Source: TradingView

Bitcon’s recovery follows a period of price downturn that has seen the cryptocurrency fall as low as $60,771, corroborated by negative ETF inflows. Could the surge in multiple BTC price metrics be a sign of things to come?

Weekly outflows into spot Bitcoin ETFs totaled $904 million

🛑Last week “marked the end of a 7-week cycle” of inflows into crypto investment products as investors withdrew more than $942 million, according to a March 25 report by CoinShares.

The report noted that last week marked the “first outflow following a record 7-week run of inflows totaling US$12.3bn.”

Source: CoinShares

🛑The crypto asset management firm attributed the large outflows to the recent drawdown in crypto prices, which “wiped US$10bn off total assets under management (AuM) but remain above prior cycle highs at US$88bn.”

CoinShares analyst James Butterfill said,

🛑 “We believe the recent price correction led to hesitancy from investors, leading to much lower inflows into new ETF issuers in the US, which saw US$1.1bn inflows, partially offsetting incumbent Grayscale’s significant US$2bn outflows last week.”

🛑The poor sentiment was mostly focused on Bitcoin, which accounted for “96% of the flows” totaling $904 million, ”while short-bitcoin also saw minor outflows totaling US$3.7m.”

Weekly flows by asset.