Bitcoin held above $74,000 on Wednesday as a wave of risk appetite swept through global markets, with Asian stocks joining Wall Street benchmarks in fully recouping losses incurred since the US-Iran conflict began in late February.
Ether rose 4% on the week to trade near $2,325, outpacing bitcoin’s 3.9% move. Solana fell 1.5% to $83, Cardano’s ADA fell 1%, while dogecoin fell 1.3% to $0.093. Tron bucked the trend with a weekly gain of 3%.
China’s CSI 300 became the latest gauge to fully erase war-related declines, joining Taiwan and Singapore. The S&P 500 is approaching its all-time high from late January.
Optimism that the US and Iran will enter a second round of talks in the coming days has kept crude oil below $100 a barrel.
The current bitcoin price is close to the estimated average entry price for holders of US spot bitcoin ETFs, a level that could act as a floor rather than a ceiling. Investors who stayed through the draw below $60,000 have little incentive to sell at break-even, removing a layer of potential overhead supply.
U.S. spot ETFs posted $471 million in net inflows on April 6, their strongest one-day intake since February, pushing cumulative inflows to over $56 billion since the products launched in January 2024 — a move some observers say reflects the bullish market structure.
“This is bullish for adoption, even if it is not self-sufficiency,” said Vikrant Sharma, founder of CakeWallet.
“Institutions pouring in $471 million in a single day and pushing past $56 billion cumulatively means bitcoin is getting a whole new class of long-term holders. Self-deposit wallets selling off is just natural profit-taking, but the fact that it’s not leading to a price crash is a very bullish sign,” he added.
Market participants are also pricing in the possibility of rate cuts by the Federal Reserve later this year, a development that will channel additional liquidity into risk assets after months of range-bound trading.
