Bitcoin Bull Case Gains Momentum with Nearly $1 Billion in ETF Inflows Amid DeFi Uncertainty

Despite concerns over Iran and DeFi hacks, market trends suggest a positive outlook for bitcoin, currently trading at $75,695.54. Last week, U.S.-listed spot ETFs saw significant inflows of $996 million, indicating robust institutional interest. For a substantial price increase, this trend must be sustained. According to Timothy Misir, head of research at BRN, consistent ETF inflows signal structural demand, while intermittent flows indicate tactical positioning. Bitcoin's price has remained relatively stable over the past 24 hours, with similar patterns observed in other major tokens like ether and Solana. However, the DeFi platform Aave's token has dropped 1% to $90 following the KelpDAO hack. The pressure on bitcoin is linked to negative reactions in stock markets to news about Iran, reducing risk appetite. Meanwhile, traders are building short positions, which could lead to a 'short squeeze' if prices hold steady. The U.S. attack on an Iranian cargo ship has further reduced risk appetite. In technical analysis, Solana's weekly price swings show a significant level at $95.16, which has acted as resistance since early February. A strong move above this level, backed by increased trading volumes, is needed to invalidate the bearish outlook.