Key Highlights
- Bitcoin is trading near $74,000 and approaching the critical $75,000 resistance level.
- Ethereum, PEPE, SOL, ADA, and HYPE posted strong gains as altcoins rallied across the board.
- Analysts say Ethereum’s breakout may signal the start of a broader altseason, though rising leverage is adding risk.
Bitcoin (BTC) is trading around $74,000, approaching the critical $75,000 technical level. A decisive move above that mark on strong volume could trigger a rally back toward $80,000. A level that served as support in November before breaking down in January. However, a rejection would likely see BTC revert to the $62,000–$72,000 range that has persisted for over a month.
The price action is underpinned by significant institutional conviction. Institutional investors added $1.06 billion to crypto funds last week, extending a three-week streak of inflows. Bitcoin dominated with $793 million, 75% of total inflows, reinforcing its growing role as a potential haven amid rising geopolitical tensions in the Middle East.
CoinShares Head of Research James Butterfill noted that investors have increasingly viewed Bitcoin as a safe harbor during periods of market stress, with total assets under management in digital asset funds growing 9.4% since the Iran crisis began, now reaching $140 billion.
On the ETF front, U.S. spot Bitcoin ETFs pulled in $767 million between March 9 and 13, with BlackRock’s IBIT leading the surge at $600.1 million, while Grayscale’s GBTC recorded minor outflows. The United States accounted for 96% of global inflows, with Canada, Switzerland, and Hong Kong adding smaller amounts. Germany was the only country to post an outflow.
On-chain data from Coinglass shows BTC with a 24-hour price gain of roughly 3.8%, with net inflows of $213 million over the past 24 hours and $53 million in the last hour alone, suggesting sustained buying pressure. Bitcoin’s 24-hour trading volume surged by over 148%, reaching $6.42 billion.
Ethereum leads the altcoin charge
Ethereum (ETH) has been the standout performer among large caps, trading at $2,297, up 9.62% in 24 hours and 13.56% on the week, with 24-hour volume topping $31.3 billion. Net inflows of $282 million over 24 hours on Coinglass confirm strong institutional demand.
Macroeconomist Henrik Zeberg announced the restart of the altcoin season following Ethereum’s breakout above the $2,780 resistance level. He predicts Ethereum’s rally marks the beginning of an extended altseason that will drive the broader crypto market to new all-time highs, fueled by rising institutional adoption.
Crypto analyst Ali Martinez echoed the bullish sentiment, noting that for the first time since September, Ethereum’s SuperTrend indicator has flipped from sell to buy. A signal that previously preceded rallies of 52% and 174%.
On the ETF side, Ethereum funds attracted $160.9 million last week, with Fidelity’s FETH leading at $90.1 million. BlackRock also launched the iShares Staked Ethereum Trust (ETHB) on March 12, combining direct ETH exposure with staking rewards, with first-day trading volume topping $15 million.
However, there are reasons for caution. On-chain analyst Maartunn highlighted that ETH open interest has spiked by 18.4% in 24 hours, raising concerns about excessive leverage building up alongside the price move, a dynamic that has historically preceded sharp corrections.
Memecoins and mid-caps rally hard
Pepe (PEPE) surged roughly 20% in the past 24 hours, while Bonk (BONK) and Pudgy Penguins (PENGU) also posted double-digit gains. The latest CoinMarketCap data confirms the momentum is holding. PEPE is up 19.18% on the day and 20.67% on the week, with its market cap climbing to $1.65 billion and 24-hour volume hitting $953 million. BONK is right behind with a 9.89% daily gain and 10% weekly move.
The AI token narrative is also gaining traction. Artificial Superintelligence Alliance (FET) is the second-best performer on the CoinMarketCap gainers list, surging 16.80% in 24 hours and an eye-popping 56.72% over the past week, now trading at $0.2274 with over $225 million in daily volume. Bittensor (TAO) followed a similar trajectory, up 11.72% daily and 51.30% weekly, pushing above $298 with a $3.2 billion market cap.
Pudgy Penguins (PENGU) posted an 8.75% daily gain and 13.71% on the week, while Polkadot (DOT) rallied 11.91% in 24 hours. Cardano (ADA) continues its steady climb at $0.2861, up 8.32% daily and 10.52% weekly, with its market cap holding above $10.3 billion.
The DeFi sector is also seeing renewed interest. Aave (AAVE) jumped 7.54% daily and 13.07% weekly to $121.47, while Ethena (ENA) gained 8.11% on the day and 13.38% on the week. Even infrastructure plays are catching a bid, LayerZero (ZRO) and Gnosis (GNO) both posted strong weekly gains of 8.77% and 11.64%, respectively.
The altcoin season index hit 48 out of 100, its highest level in over two months, while the total crypto market cap excluding Bitcoin reached $1.1 trillion, adding roughly $40 billion in the past 24 hours.
However, overbought signals on the relative strength index suggest memecoins could see a pullback before any sustained breakout in the broader altcoin market.
Derivatives signal rising risk appetite
Industry-wide futures open interest rose over 8% to $112.34 billion in 24 hours. ETH and ADA futures open interest increased by 16% and 19%, respectively, leading growth among major tokens, while DOGE open interest jumped over 11%.
CoinGlass data confirms broad-based leverage expansion, with BTC open interest at $50.31 billion and ETH at $33.95 billion. Liquidations over 24 hours totaled $139 million for BTC and $166 million for ETH, predominantly short liquidations, consistent with the upside move.
On Deribit, however, puts tied to Bitcoin and Ethereum continue to trade pricier than calls across all time frames, signaling continued demand for downside hedging despite the rally.
Macro backdrop
U.S. stock futures were up around 0.5%, with crypto-related equities advancing in pre-market trading. Coinbase gained 3%, Circle Internet added 5%, and Strategy rose 4%. Precious metals fell, and the dollar weakened, reflecting broad risk-on sentiment.
Oil remains elevated above $106 per barrel, keeping inflation concerns in the background even as risk assets rally.
The bottom line
The market is at an inflection point. A confirmed Bitcoin breakout above $74,000 could unleash the next leg higher and validate the altseason thesis that analysts like Zeberg are championing.
With institutional flows remaining strong, $1.06 billion in weekly inflows, and Bitcoin ETFs attracting nearly $800 million, the fundamental backdrop supports the bullish case. But with leverage building rapidly and overbought signals flashing on shorter timeframes, particularly in memecoins, traders should be prepared for volatility in either direction.
Also Read: Ethereum OGs Load Up: Early Builders and Whales Scoop Millions in ETH
