Bitcoin extended gains this week, repeatedly testing the $75,000 psychological level but failing to hold above it. The asset was trading around $ 74,827 at press time, up 1.7% over the past 24 hours and 5.5% over the week, according to data from crypto.news.
The move higher has been supported by renewed institutional demand and improving macro sentiment, as investors reassess risk exposure following weeks of geopolitical tension between the U.S. and Iran.
ETF inflows return as institutional demand strengthens
Data from SoSoValue shows that 12 spot Bitcoin exchange-traded funds recorded $597.50 million in net inflows over the past two days. The inflows signal a return of institutional participation after a period of hesitation triggered by escalating conflict risks in the Middle East.
Market sentiment has improved following reports that Pakistan may host a second round of peace talks between the U.S. and Iran in Islamabad. Discussions reportedly include broader diplomatic efforts after recent military and trade-related tensions, including restrictions around the Strait of Hormuz. The easing outlook has helped restore appetite for risk assets, with Bitcoin among the primary beneficiaries as capital rotates back into digital markets.
Short liquidations add fuel to price volatility
At the same time, Bitcoin’s upward move has triggered significant derivatives liquidations. Data from CoinGlass indicates that approximately $152.2 million in short positions were liquidated over the past 24 hours, amplifying price momentum as bearish traders were forced to close positions.
Broader macro effects have also supported the shift in sentiment. Crude oil prices have retreated, with West Texas Intermediate trading near $92 and Brent around $96.50, easing inflation concerns and improving conditions for risk assets.
Notably, Bitcoin showed unusual stability, trading in a tight range despite shifting interest rate expectations, geopolitical tensions, and broader market noise.
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