Bitcoin (BTC) price is trading within a bullish ascending parallel channel pattern, suggesting potential for further upside as institutional demand returns. The asset rose 4.2% in the past 24 hours, trading at $70,197, with technical indicators hinting at an imminent breakout.
A key catalyst for Bitcoin's recent rebound is the surging institutional demand. According to data from SoSoValue, the 12 U.S. spot Bitcoin ETFs recorded over $1.35 billion in net inflows over the past two weeks. This marks the first time these investment products have achieved back-to-back weekly inflows since early October last year, and March is the first positive month after four consecutive months of outflows.
On Monday, March 10, these ETFs posted $167 million in net inflows, snapping a two-session stretch of outflows. This institutional support is underscored by firms like Strategy, which noted in a recent filing that it bought $1.28 billion worth of BTC, pushing its total holding valuation to $56.04 billion.
In contrast, altcoin-linked ETFs faced significant selling pressure. Ether (ETH), XRP (XRP), and Solana (SOL) ETFs extended their outflow streaks to three days. On Monday, these funds saw outflows of $51 million, $18 million, and $2.5 million, respectively. Since Thursday, cumulative outflows reached approximately $225 million for ETH, $41 million for XRP, and $16 million for SOL, even as the underlying tokens posted 3-5% gains.
Analysts caution that it may be premature to declare a structural bottom for Bitcoin. Data from CryptoQuant shows the Bitcoin long-term holder to short-term holder spent output profit ratio hit 0.89, indicating short-term holders are selling at a loss and suggesting market stress is building, though not yet at capitulation levels.
