TLDR
- Bitcoin briefly hit $75,912 before pulling back, driven by derivatives activity rather than fresh buying
- Major crypto tokens all gained at least 5% over the past week, the broadest rally since before the Iran war
- Spot bitcoin ETFs pulled in $767 million last week, the third straight week of positive inflows
- US stock futures slipped Tuesday after Monday’s rebound, with the S&P 500, Dow, and Nasdaq all down around 0.5%
- All eyes are on the Fed’s Wednesday announcement, with a 99%+ chance rates hold at current levels
Bitcoin tested $75,000 for the first time in weeks on Tuesday, but quickly gave back the gains. The move was largely technical, not a sign of new demand flooding into the market.
Traders watching the charts saw bitcoin touch $75,912 early Tuesday before sliding back to around $74,372. Analysts at CoinDesk said the push higher came from derivatives market mechanics — specifically the closing of large put options at $60,000, which forced market makers to buy spot bitcoin to rebalance.
The level to watch is $74,400. That was a support zone from April 2025, and bitcoin’s quick retreat back below it shows buyers aren’t ready to chase the price higher without a clear reason.
The broader crypto market has had a strong week regardless. Ether is up 13.3% to $2,316. XRP gained 11% to $1.53. Solana rose 9.7% to $93.92. Dogecoin added 9.5%, climbing back above $0.10. BNB gained 5% to $676.
Analysts are calling this the broadest sustained crypto rally since before the Iran war started.
ETF Inflows Signal Returning Institutional Interest
Part of the reason for optimism is the money flowing into bitcoin ETFs. Spot bitcoin ETFs brought in roughly $767 million in net inflows last week, according to CF Benchmarks analyst Mark Pilipczuk.
That marks three straight weeks of positive flows, a sharp turn from earlier this year when the same funds saw over $3 billion leave over five weeks.
Bitcoin is also closing the gap with gold. Year-to-date through mid-March, gold ETF GLD was up about 16% while bitcoin ETF IBIT was down around 19%. But since early March, bitcoin has outperformed gold by 13.2%.
The 90-day correlation between the two assets moved from -0.27 to +0.29 over six months, a shift that’s bringing back talk of bitcoin as “digital gold.”
Stock Futures Dip After Monday Rebound
US stocks had a different kind of day. Futures tied to the Dow, S&P 500, and Nasdaq 100 all fell around 0.4% to 0.5% on Tuesday morning after Wall Street bounced back on Monday.
Monday’s gains came after crude oil prices pulled back. Brent crude settled down nearly 3% at just over $100 a barrel. West Texas Intermediate dropped more than 5% to close at $93.50.
Oil markets have been volatile since US and Israeli strikes on Iran began. Treasury Secretary Scott Bessent said Iranian tankers are still moving through the Strait of Hormuz, but Trump’s call for a multinational escort effort has not been answered.
Nvidia was in focus at its GTC conference. CEO Jensen Huang announced several new deals and said the company expects $1 trillion in chip sales through the end of 2027.
Earnings reports from Tencent, DocuSign, and Oklo are also due Tuesday.
The Federal Reserve begins its two-day meeting today, with a decision due Wednesday. CME FedWatch puts the probability of a rate hold at over 99%. February saw 92,000 jobs lost, while oil prices above $100 are keeping inflation concerns alive heading into Powell’s press conference.
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