Bitcoin held above $74,000 on Wednesday as a wave of risk appetite swept through global markets, and Asian stocks joined Wall Street benchmarks in fully recouping losses suffered since the US-Iran conflict began in late February.
Ether gained 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 broke the trend with a 3% weekly gain.
China’s CSI 300 became the latest indicator to completely erase war-related declines, joining Taiwan and Singapore. The S&P 500 is approaching its all-time high from late January.
Optimism that the United States and Iran will enter a second round of talks in the coming days has kept crude oil below $100 a barrel, easing the inflationary glut that plagued markets during March.
The current price of bitcoin sits near the estimated average entry price for US spot bitcoin ETF holders, a level that could act as a floor rather than a ceiling. Investors who rode out the drawdown below $60,000 have little incentive to sell at breakeven, removing a layer of potential overall supply.
U.S. spot ETFs recorded $471 million in net inflows on April 6, their biggest single-day inflow since February, bringing cumulative inflows to more than $56 billion since the products launched in January 2024, a move some observers say reflects a bullish market structure.
“This is optimistic for adoption, although it does not imply self-custody,” said Vikrant Sharma, founder of CakeWallet.
“Institutions investing $471 million in a single day and exceeding $56 billion cumulatively means that Bitcoin is gaining a whole new class of long-term holders. The sale of self-custody wallets is simply natural profit-taking, but the fact that it is not leading to a price collapse is a very bullish sign,” he added.
Market participants are also pricing in the possibility that the Federal Reserve will cut rates later this year, a development that would funnel additional liquidity into risk assets after months of range-bound trading.
