Bitcoin extended its rally Thursday, climbing to around $68,300 as on-chain data revealed easing selling pressure. This surge followed U.S. spot Bitcoin ETFs recording their largest inflow day in nearly three weeks.
NVIDIA's strong earnings report provided a tailwind, pushing the overall crypto market up. U.S. spot Bitcoin ETFs saw $506 million in inflows on Wednesday, marking the highest level since early February. This indicates a potential reacceleration of institutional demand.
On-chain metrics suggest reduced selling pressure on U.S. exchanges. The Coinbase premium index, a gauge of U.S. institutional demand, has turned positive for the first time since mid-January. This shift indicates that selling pressure on Coinbase is easing.
While these developments are constructive, some analysts caution that easing selling pressure does not yet confirm a trend reversal. They point to declining futures and spot volumes and suggest that demand has not fully caught up. The market structure remains fragile, and improved macro conditions are needed for a sustained uptrend.