Bitcoin nears $75,000 as crypto market rallies on $1.1 billion inflows; Ethereum holds above $2,300

The crypto market witnessed a relief rally on Tuesday, with Bitcoin inching toward the $75,000 mark and Ethereum holding near $2,300. Bitcoin was trading at $74,442, while Ethereum hovered around $2,366.

Over the past 24 hours, Bitcoin and Ethereum gained 4.92% and 7.92%, respectively. Among major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Hyperliquid, and Cardano rallied up to 7.78%.

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Akshat Siddhant, Lead quant analyst, Mudrex, said the rally is largely supported by $1.1 billion into crypto ETPs, the highest seen since mid of January. Additionally, Strategy’s latest purchase of 13,927 bitcoins has further improved the market sentiment.

The global crypto market capitalisation went up 4.34% to $2.52 trillion on Tuesday, according to CoinMarketCap.

CoinDCX Research Team said the market sentiments are neutral as the fear & greed index reaches 43. The number of Ethereum wallets holding at least 100K ETH has jumped from 54 to 57 in the past week.

Bitcoin whales holding 1,000 to 10,000 BTC now control over 4.25 million BTC or 21.3% of the supply after adding about 27,652 BTC in recent accumulation, CoinDCX Research Team further said.

In the past week, Bitcoin and Ethereum were up 8.59% and 12.44%, respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Hyperliquid and Cardano rallied upto 22.91%.

CoinSwitch Markets Desk said the rebound appears driven largely by short covering. In derivatives, positioning remains constructive, with a low put/call ratio of 0.41 and call interest concentrated at higher strikes, pointing to upside expectations. Separately, Strategy added 13,927 BTC last week, taking total holdings to 780,897 BTC, reinforcing continued institutional accumulation.

Market perspective

WazirX market’s desk: In the last 24 hours, Bitcoin traded around $74,336, recovering its recent weekend losses as global risk sentiment improved. The recovery comes as oil prices pulled back below $100, easing concerns about inflation and macroeconomic pressures. ETH is currently trading at around $2,367, showing a generally positive trend with stable price movement.

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Riya Sehgal, Research Analyst, Delta Exchange: Bitcoin has recovered, reclaiming $74,000 after holding support near $70,500, reflecting short-term momentum amid improving risk sentiment. The move is supported by institutional demand, over $1B in ETF inflows and continued accumulation by corporate players, with Strategy adding ~14,000 BTC

Harish Vatnani, Head of Trade, ZebPay: Ethereum is finally showing some strength after weeks of slow and weak movement. Price is now around $2,370 and has managed to push above the $2,200 level, which was acting as a strong resistance for a long time. This is the first time in a while that ETH has shown a clean move with intent, instead of just sideways consolidation.

Vikram Subburaj, CEO, Giottus: BTC erased its weekend decline and returned to about $73,400 on April 13 as crude retreated below $100 a barrel. By April 14, BTC was trading at about $74,488.78. The asset was up 4.95% in 24 hours, while more feeds showed roughly $74,446, with an intraday range of $70,600 to $74,814.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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