Bitcoin’s (BTC) recovery extended into a third week, rising to $74,509 — a level not seen since Feb. 4. The crypto is up 22.5% from its Feb. 6 low of $60,000, and renewed institutional appetite appears to be a key driver of the rally.
Michael Saylor’s company, Strategy—the largest public holder of Bitcoin—bought 22,237 BTC for $1.57 billion over the last week. Bloomberg reported that net flows to the 12 US-listed spot Bitcoin ETFs topped $763 million last week, marking a third consecutive week of inflows and suggesting a return of institutional confidence.
In Japan, Metaplanet announced a $255 million private placement to fund additional Bitcoin purchases, with CEO Simon Gerovich saying the raise will help the company pursue a target of 210,000 BTC.
Bitfinex analysts noted Bitcoin reclaimed the $70,000 level ahead of the Federal Reserve’s March 18 FOMC meeting and that market structure has “improved meaningfully,” though BTC has yet to break above local range highs. They highlighted an absorption-to-emissions ratio (AER) showing institutions absorbing nearly five times the daily miner supply, and rising futures open interest as signs of healthier market dynamics.
Hyblock analysts said the market shifted from a consolidation phase dominated by selling to one where traders are increasing long-side leverage. Open interest is rising, perpetual futures cumulative volume delta (CVD) has turned positive while spot flows remain weak, indicating the recent push toward the top of the range is being driven more by derivatives positioning than by spot demand.
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