Bitcoin Bull Run Gains Momentum with Nearly $1 Billion in ETF Inflows Amid DeFi Concerns

The current market trends suggest a positive outlook for bitcoin, with a price of $76,701.19, despite concerns over Iran-related developments and DeFi hacks. U.S.-listed spot ETFs saw significant inflows of $663 million on Friday, reaching a total of $996 million for the week, indicating strong institutional interest in the cryptocurrency. For a substantial price increase to occur, sustained inflows are necessary. According to Timothy Misir, head of research at BRN, consistent ETF flow regimes are crucial, as they signal structural demand and tactical positioning. Bitcoin's price has remained relatively stable above $75,000 after reaching highs of over $78,000 on Friday. Similar stability is observed in other major tokens such as ether, XRP, and Solana. However, the DeFi platform Aave's token has dropped 1% to $90 following the KelpDAO hack. The DeFi dominance rate has remained flat at around 3%. Alex Kuptsikevich, chief market analyst at FxPro, notes that the pressure on bitcoin is linked to negative reactions in stock markets to news about Iran, which has reduced risk appetite. Traders are actively building short positions, which could lead to a 'short squeeze' if prices hold steady, potentially pushing spot prices higher. The U.S. attack on an Iranian cargo ship has also impacted market sentiment. In technical analysis, the solana price chart shows a significant 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. The next major support level is seen at $50.