Bitcoin Plans Push Past $70K as ETF Inflows Reignite Risk Appetite
Bitcoin surged back toward the low-$70,000 range on Wednesday, climbing more than 7% over 24 hours as traders balanced renewed institutional demand against mounting geopolitical tensions in the Middle East and fading hopes for near-term interest rate cuts.
The rally saw bitcoin briefly approach $71,400, leading gains across the broader digital asset market. Ethereum followed suit, advancing past $2,050 as momentum spilled over into major altcoins.
ETF Demand Reaccelerates
The rebound coincided with a sharp pickup in flows into U.S.-listed spot bitcoin exchange-traded funds. After weeks of uneven price action, these products recorded approximately $225 million in net inflows on March 3, building on roughly $458 million the previous day. Notably, no fund posted net outflows during the March 2 session — a sign that institutional appetite may be firming again.
Spot ether ETFs have shown a more mixed pattern. They drew nearly $38.7 million in net inflows on March 2, only to swing back to around $10.9 million in net outflows the following day, underscoring a less decisive tone in ether-focused products.
The renewed interest in crypto ETFs also follows a broader reversal in digital asset investment products, which recently logged about $1 billion in weekly net inflows after enduring a five-week streak of outflows. The turnaround suggests investors may be shifting from a defensive stance toward selectively re-entering risk positions.
Leverage Expands as Resistance Tested
Beyond spot demand, derivatives markets indicate that leverage is playing a role in the latest leg higher. Perpetual futures open interest recorded its largest daily percentage jump since July 2025, expanding as bitcoin tested the $69,400 level — an area that has historically triggered bouts of profit-taking.
While ETF inflows have offered support, some market observers caution that flows into regulated products do not always translate immediately into spot bitcoin purchases. Timing gaps between ETF share creation and underlying asset acquisition can dampen the short-term price impact, even when headline demand appears robust.
Geopolitics Still a Wild Card
Despite crypto’s relative resilience, geopolitical developments remain a key risk factor. Ongoing tensions in the Middle East — particularly concerns around potential disruptions near the Strait of Hormuz — continue to shape cross-asset volatility, especially in energy markets.
For now, bitcoin’s ability to rebound amid global uncertainty has reinforced its standing as a high-beta risk asset capable of attracting capital during periods of shifting macro sentiment. Whether the move evolves into a sustained breakout may depend on both ETF flow consistency and how geopolitical risks unfold in the days ahead.