The cryptocurrency market is showing renewed signs of life as bitcoin (BTC-USD) briefly surged past the $74,000 mark over the last 24 hours. The rally was fuelled by nearly $462m in fresh Wall Street capital flowing into bitcoin funds on Wednesday.
Read more: Crypto live prices
Leading the charge was BlackRock’s IBIT, which accounted for the lion’s share of the activity. According to data from Farside Investors, IBIT saw approximately $306m in inflows during the period.
41.44 +2.74 (+7.08%)
At close: 4 March at 16:00:01 GMT-5
While bitcoin (BTC-USD) has since settled near the $72,000 level, the flagship digital asset remains up over 3% for the day and more than 6% over the past week.
The momentum isn’t limited to bitcoin. Ethereum (ETH-USD) has reclaimed the psychological $2,000 level, posting a 5% gain in 24 hours. Collectively, the global cryptocurrency market cap now sits at $2.51 trillion, a 1.1% increase over the last day.
Read more: What crypto investors need to know about the UK’s sandbox scheme
Industry experts suggest this move marks a fundamental shift in market sentiment. Rachael Lucas, crypto analyst at BTC Markets, notes that the recent price action indicates the market has moved past its recent lows.
“Bitcoin’s push above US$74,000 overnight isn’t noise, it’s the market finally exhaling after months of relentless selling pressure,” Lucas said. “After falling 50% from its October all-time high and recording five consecutive monthly losses, the market has wrung out the weak hands. So, when Middle East tensions sent equities and gold sliding this week, bitcoin didn’t follow. It held.”
72,545.44 +776.99 (+1.08%)
As of 9:45:00 UTC. Market open.
Lucas highlighted the recent ETF inflows, saying that they signalled a “rotation back in” by institutional players. She also pointed to a “regulatory catalyst” involving political pressure for the Clarity Act in the US, and Kraken becoming the first crypto firm to access the Federal Reserve’s core payments system.
“Here’s what traditional finance still gets wrong: geopolitical instability isn’t a headwind for bitcoin, it’s fuel,” Lucas added. “The US$74,000 level is historically loaded, this momentum is real.”
Read more: Oil price climbs 3% as Iran and Israel escalate attacks
2,126.33 +42.19 (+2.02%)
As of 9:45:00 UTC. Market open.
Despite the bullish price action, structural risks remain. Bitcoin (BTC-USD) is still down more than 40% from its October peak of approximately $126,000, and major bitcoin mining companies are beginning to liquidate holdings.
Reports indicate that firms like MARA Holdings, which holds nearly $4bn in bitcoin (BTC-USD), are considering selling reserves to fund a pivot into AI data centre businesses. Similarly, CleanSpark and Riot Platforms are restructuring for AI transitions, while Bitdeer has reportedly exited its bitcoin holdings entirely.