Bitcoin Sees Significant Inflows as DeFi Concerns Grow

The current market trends suggest a positive outlook for bitcoin, with a value of $78,139.50, despite recent events in Iran and DeFi hacks making headlines. Last week, U.S.-listed spot ETFs saw an influx of $996 million, with $663 million coming in on Friday alone, indicating strong interest from institutions. 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's price has remained steady above $75,000 after reaching highs of over $78,000 on Friday. Other major tokens, such as ether, XRP, and Solana, are also showing similar patterns. However, the DeFi platform Aave's token has dropped 1% to $90 due to the recent KelpDAO hack. The DeFi dominance rate remains flat at around 3%. Alex Kuptsikevich, chief market analyst at FxPro, attributes 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, 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, Solana's weekly price swings show 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. The next major support level is seen at $50.