On March 10, Bitcoin's price surged back to the $70,000 level, fueled by $462 million in inflows into U.S. spot Bitcoin ETFs in a single trading day. BlackRock's iShares Bitcoin Trust accounted for two-thirds of this influx, reflecting a broad reversal in institutional sentiment.
This inflow marks the third consecutive day of positive inflows for ETFs, totaling approximately $1.1 billion for the week. This rebound follows a five-week period of sustained outflows, during which nearly $3.8 billion was withdrawn.
According to analysts at Glassnode, market conditions are stabilizing, with slight improvements in momentum, ETF demand, and profitability metrics. Corresponding on-chain data indicates that exchange reserves are declining, suggesting that holders are moving Bitcoin into cold storage rather than preparing to sell.
Furthermore, the prediction market Polymarket has increased the probability of Bitcoin reaching $75,000 in March to 56%, a significant rise from 34% the previous day. This change reflects growing market confidence that ETF-driven demand can break through current resistance levels.
Bitcoin Reclaims $70,000 as ETFs See $462 Million Inflows in a Single Day
Bitcoin surpassed $70,000 again on March 10, driven by $462 million in single-day inflows into spot ETFs, with BlackRock taking the lion's share, signaling a significant improvement in market sentiment.