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

The current market trends suggest a positive outlook for bitcoin, with a value of $77,587.94, despite recent developments in Iran and DeFi hacks. On Friday, U.S.-listed spot ETFs saw an influx of $663 million, the highest since January 15, with total inflows reaching $996 million for the week, up from $786 million the previous week, according to SoSoValue data. This indicates strong interest from institutional investors in the largest cryptocurrency. For a significant price increase to occur, this trend needs to be sustained. According to Timothy Misir, head of research at BRN, 'sustained inflows signal structural demand, while intermittent flows indicate tactical positioning.' Bitcoin is currently trading above $75,000 after reaching highs of over $78,000 on Friday, with prices remaining relatively stable over the past 24 hours. Similar patterns are seen in other major tokens such as ether, XRP, and Solana. The AAVE token has dropped 1% to $90 due to the KelpDAO hack, with the DeFi dominance rate remaining flat at around 3%. Alex Kuptsikevich, chief market analyst at FxPro, notes that 'the pressure on the leading cryptocurrency is linked to negative reactions in stock markets to news about Iran, which has reduced risk appetite.' The U.S. attack on an Iranian cargo ship has also impacted the market. Traders are building short positions, betting against a breakout, which could lead to a 'short squeeze' if prices remain steady. In technical analysis, the Solana chart shows a key level of $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.