Bitcoin ETF Inflows Surpass $996 Million, Fueling Bullish Sentiment Amid DeFi Concerns

Despite recent developments in Iran and DeFi hacks, the outlook for bitcoin remains optimistic, with the cryptocurrency trading above $75,000. Last week, U.S.-listed spot ETFs saw total inflows of $996 million, up from $786 million the previous week, indicating strong interest from institutional investors. For a significant 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's price has held steady over the past 24 hours, with similar patterns observed in other major tokens such as ether and Solana. However, the AAVE token has dropped 1% to $90 due to the KelpDAO hack. The DeFi dominance rate remains flat at around 3%. Analysts attribute the pressure on bitcoin to negative reactions in stock markets to news about Iran, which has reduced risk appetite. Meanwhile, traders are building short positions, potentially fueling a 'short squeeze' if prices remain steady. The chart for Solana shows a notable level at $95.16, which has acted as resistance for 11 consecutive weeks. A strong move above this level, backed by increased trading volumes, is needed to invalidate the bearish outlook.