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

Despite recent Iran-related news and DeFi hacks, the bitcoin market continues to show a positive trend, with the price of BTC currently at $76,475.51. U.S.-listed spot ETFs saw significant inflows of $663 million on Friday, totaling $996 million for the week, according to SoSoValue data. This surge in institutional investment suggests strong interest in the largest cryptocurrency. For a substantial price increase to occur, this trend must be sustained. Timothy Misir, head of research at BRN, noted that consistent ETF inflows indicate structural demand, while intermittent flows suggest tactical positioning. Bitcoin's price has remained relatively stable over the past 24 hours, trading just above $75,000 after reaching highs of over $78,000 on Friday. Similar patterns are observed in other major tokens, including ether, XRP, and Solana. The DeFi platform Aave's AAVE token has dropped 1% to $90 following the KelpDAO hack, with the DeFi dominance rate holding steady at around 3%. According to Alex Kuptsikevich, chief market analyst at FxPro, the current pressure on bitcoin is linked to negative reactions in stock markets to news about Iran, reducing risk appetite. Traders are actively building short positions, which could lead to a 'short squeeze' if prices remain steady, potentially driving spot prices higher. The U.S. attack on an Iranian cargo ship has further reduced risk appetite, with BTC lagging behind equities in recent days. In technical analysis, the chart shows weekly price swings in Solana, with the $95.16 level standing out as a key resistance point. SOL has remained below this level for 11 consecutive weeks, indicating sustained bearish sentiment and potential for deeper losses. A strong move above this level, backed by increased trading volumes, is needed to invalidate the bearish outlook.