Bitcoin rose roughly 4% over the past 24 hours to reach $75,653 at around 10:00 p.m. ET on Monday, before easing back to about $74,300 hours later. Ethereum advanced 3.28% to $2,315, while XRP climbed 5% to $1.54.<\/p>\n
The broader rally was accompanied by approximately $609 million in total crypto liquidations over the past 24 hours, including $485.6 million in short positions, according to public data compiled by Coinglass. Zeus Research analyst Dominick John told The Block that \u201cmassive short liquidations\u201d fueled a squeeze-driven extension higher, but he expressed caution about its durability. \u201cSqueeze-driven moves are typically short-lived without sustained real demand, likely fading from days to a couple of weeks,\u201d he said.<\/p>\n
Market sentiment showed signs of stabilization. The Crypto Fear & Greed Index stood at 28 in \u201cfear\u201d territory late Monday, having moved out of \u201cextreme fear\u201d after lingering there over the past week.<\/p>\n
Analysts cited a combination of spot demand and an improving macro environment as key drivers behind the latest price action. \u201cBitcoin\u2019s move toward $76,000 and the stronger rebound in Ethereum appear largely flow-driven,\u201d said Rick Maeda, research associate at Presto Research. He highlighted renewed inflows into U.S. spot bitcoin exchange-traded funds and continued corporate buying as significant sources of demand.<\/p>\n
U.S. spot bitcoin ETFs recorded $767.3 million in net inflows last week, marking a third consecutive week of positive flows. Spot ether ETFs also attracted $160.8 million in inflows over the same period. Maeda added that stabilizing risk sentiment, amid easing geopolitical tensions and oil-driven inflation concerns, has supported the recovery in high-beta assets such as cryptocurrencies.<\/p>\n
Broader financial markets reflected a mixed but stabilizing macro picture. U.S. equities advanced on Monday, with the Dow Jones Industrial Average up 0.83%, the S&P 500 gaining 1.01%, and the Nasdaq Composite climbing 1.22%. Oil prices resumed their climb after a brief pullback, as uncertainty persisted over a U.S.-led coalition to secure shipping through the Strait of Hormuz. Brent crude rose 2.9% to $103 per barrel, while WTI crude gained 2.7% to $96.03.<\/p>\n
Traders are monitoring ETF flows, oil prices, and upcoming economic data \u2014 including producer price index figures and the Federal Reserve\u2019s March 18 rate decision \u2014 for further direction.<\/p>\n
What drove the latest rally in Bitcoin and other major cryptocurrencies?<\/strong> How significant were crypto liquidations during this move?<\/strong> What role did U.S. spot crypto ETFs play in the rebound?<\/strong> How has broader market and macro sentiment influenced crypto prices?<\/strong>
The rally was primarily driven by large short liquidations, renewed spot demand, and improving macro sentiment, including positive ETF flows and stabilizing risk conditions.<\/p>\n
Total crypto liquidations reached about $609 million over the past 24 hours, with roughly $485.6 million coming from short positions, according to data aggregated by Coinglass.<\/p>\n
U.S. spot bitcoin ETFs saw $767.3 million in net inflows last week, their third straight week of positive flows, while spot ether ETFs recorded $160.8 million in inflows, contributing to demand for the underlying assets.<\/p>\n
Rising U.S. equities, easing concerns over geopolitical tensions and oil-driven inflation, and an improvement in the Crypto Fear & Greed Index from \u201cextreme fear\u201d to \u201cfear\u201d have all supported the rebound in cryptocurrencies.<\/p>\n