Spot Bitcoin exchange-traded funds returned to weekly inflows as Bitcoin settled back above the crucial $85,000 support level, which analysts believe is necessary for the next leg higher.
According to data from SoSoValue, the 12 spot Bitcoin ETFs have seen a notable turnaround, ending their weekly streak of outflows with significant net inflows totaling $744.35 million during the week of Mar. 17โ21.
Notably, Bitcoin ETFs recorded net positive flows throughout last week, starting with $274.59 million on Monday, followed by $209.12 million, $11.8 million, $165.75 million, and concluding with $83.09 million on Friday.
The majority of inflows over the week came into BlackRockโs IBIT, which drew in $537.5 million, followed by Fidelityโs FBTC with $136.5 million. Additionally, positive momentum came from ARK 21Sharesโ ARKB, Grayscaleโs mini Bitcoin Trust, and VanEckโs HODL with $79.5 million, $23.9 million and $11.9 million respectively.
However, it wasnโt a total win across the board, as Bitwiseโs BITB, Invescoโs BTCO, Franklin Templetonโs EZBC, and Grayscaleโs GBTC still saw combined outflows of $45 million.
Still, the overall turnaround is a welcome sign after nearly $5.4 billion in outflows over the past five weeks. The pullback was largely driven by broader macro uncertainty, including Trumpโs earlier tariff threats, which unsettled markets and dampened risk appetite.
However, sentiment may now be tilting in Bitcoinโs favor as Trump softens his stance on the upcoming April 2 reciprocal tariffs, easing fears of a full-blown trade war. At the same time, the Federal Reserve has signaled it may hold off on rate hikes.
At press time, Bitcoin (BTC) was up 4.4% over the past week, rising to a market cap of $1.72 trillion as it exchanged hands at $86,918 per coin.
Analysts say that for Bitcoin to keep this momentum going, itโs crucial to hold the $85,000 level.ย
Ryan Lee, chief analyst at Bitget Research, emphasized that a weekly close above $85K is essential to avoid a potential pullback to $76,000 and to keep the bullish market structure intact.
Meanwhile, 10x Researchโs Markus Thielen noted in a March 23 report that Bitcoinโs reversal indicators have turned bullish, with the 21-day moving average now at $85,200. He pointed out that similar setups in September 2023 and August 2024 preceded strong rallies.
โThe technical backdrop has now reset to a point where a renewed uptrend could plausibly unfold,โ Thielen said.
