Bitcoin Bull Case Gains Momentum as ETF Inflows Reach Nearly $1 Billion

Despite concerns over Iran and DeFi hacks, market trends indicate a positive outlook for bitcoin, with a price of $75,960.73. U.S.-listed spot ETFs saw a significant influx of $663 million on Friday, bringing total inflows to $996 million for the week, according to SoSoValue data. This surge in investment suggests strong institutional interest in the cryptocurrency. For a substantial price increase to occur, 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 is currently trading above $75,000, having reached highs of over $78,000 on Friday. The price has remained relatively stable over the past 24 hours, with similar patterns observed in other major tokens such as ether and Solana. The AAVE token has dropped 1% to $90 following the KelpDAO hack, while the DeFi dominance rate remains at around 3%. The pressure on bitcoin is linked to negative stock market reactions to news about Iran, which has reduced risk appetite. However, this could build potential for a breakout. Traders are actively building short positions, which could lead to a 'short squeeze' if prices hold steady. The U.S. attack on an Iranian cargo ship has also impacted the market. In technical analysis, the $95.16 level stands out as a key resistance point for Solana, with a sustained bearish sentiment and potential for deeper losses if it is not surpassed.