According to The Block’s price page, bitcoin is up over 7% in the last 24 hours and was leading crypto market gains at press time. Ethereum (ETH) similarly surged in price, along with the broader market, as bitcoin rallied.

ETF flows cushion upside move

The move has coincided with a renewed bid for U.S.-listed spot bitcoin exchange-traded funds after weeks of chop that left crypto markets struggling to sustain upside momentum.

U.S. spot bitcoin ETFs recorded about $225 million of net inflows on March 3, following roughly $458 million of inflows the day before, with no funds posting net outflows in the March 2 session, SoSoValue data shows.

Ether’s ETF complex has been steadier but less decisive. U.S.-listed spot ether ETFs saw about $38.7 million of net inflows on March 2 before flipping back to roughly $10.9 million of net outflows on March 3.

Multiple analysts have pointed to a market that has absorbed the latest geopolitical headlines more cleanly than many had expected, allowing risk appetite to reassert itself as U.S. trading reopened.

Derivatives spike

Still, derivatives positioning suggests that the rebound has not been purely spot-led. On Tuesday, Glassnode said perpetual open interest posted its largest daily percentage increase since July 2025, with leverage expanding as bitcoin tested about $69,400 — a level it said has repeatedly acted as a rejection zone when profit-taking flares.

The bounce has also landed just days after CoinShares data showed $1 billion of net weekly inflows into digital asset investment products, snapping a five-week outflow streak. James Butterfill, CoinShares’ head of research, read the shift as investors moving from de-risking into "where’s the entry?" mode, even with macro uncertainty still unresolved.

Yet, some experts have also cautioned against treating ETF flow prints as a one-to-one proxy for immediate spot buying. Bitfinex analysts, in a report published March 3, argued that regulated institutional products on Wall Street can create timing gaps between ETF share activity and underlying bitcoin purchases, potentially muting the near-term price response even when demand looks healthy.

Others have stressed that geopolitics remains the swing factor for cross-asset volatility, especially if energy supply constraints deepen. In a March 4 market note, QCP Capital said bitcoin’s relative strength has stood out as the conflict has tightened conditions for risk assets, while warning that further turbulence could follow if disruption persists around the Strait of Hormuz.

Bitcoin was last trading near $71,400, while ether was also higher on the session above $2,050, The Block's prices page shows.

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