Bitcoin (BTC) experienced a historic moment in the crypto market, surging to an all-time high of $73,887 on EXMO before encountering a rapid pullback, momentarily touching $74,000. This surge in volatility followed a remarkable day of trading, marked by net inflows exceeding $1 billion, according to data from BitMEX Research.
Data analysis reveals a significant milestone as Blackrock recorded an unprecedented $849 million cash inflow for spot Bitcoin exchange-traded funds (ETFs), highlighting the escalating demand within the market.
Meanwhile, observations from Coinranking show Bitcoin surpassing the $78,000 threshold on Korean crypto exchanges like Bithumb and Coinone. However, experts attribute this apparent price differential to the phenomenon referred to as the Kimchi premium, as earlier reported by crypto.news.
Bitcoin’s recent rally emerges in the wake of a brief dip below the $69,000 mark on March 12th, when the leading cryptocurrency briefly fell to approximately $68,600. Despite this setback, Bitcoin demonstrates signs of resilience, with long traders anticipating further positive movements.
Data analysis from Coinglass indicates a substantial disparity between long and short positions, with long positions exceeding short positions by nearly $10 million at the time of reporting.
Concurrently, analysts at QCP Capital highlight a softening in front-end volumes, particularly observing a more pronounced decline in Ethereum (ETH) volumes compared to Bitcoin. They suggest that investors, aiming to capitalize on high yields without taking directional risks, may perceive current price levels as “another opportunity to sell the spot-forward spreads at these elevated levels.”
