The crypto market is back in full swing as Bitcoin surges more than 12% in a matter of days, supported by large fund inflows into US-based Bitcoin ETFs.
At the time of writing, Bitcoin is currently trading at $73,890, down 0.03% since it opened early Wednesday in Asian trading.
Since March 9, nearly $1 billion has flowed into the fund, reflecting investors’ renewed confidence in the digital asset.
This increase is not just a normal price movement.
Large funds such as BlackRock and Fidelity have been the main drivers, accounting for the bulk of the inflows.
This is a clear signal that institutional investors still see Bitcoin as a high-value asset, despite the world facing geopolitical uncertainty and oil market volatility.
Interestingly, this momentum has also been fueled by positive sentiment from rumors that tensions between the United States, Iran, and Israel may be showing signs of easing.
This factor indirectly injected new enthusiasm into the crypto market, pushing the price of Bitcoin above $74,000 for the first time in six weeks.
At the same time, the FOMO phenomenon has peaked again as investors begin to worry about missing out on profit opportunities.
The Crypto Fear & Greed Index also shows significant changes as the market exits the ‘extreme fear’ zone and shifts towards more optimism.
