Bitcoin Surges 23% in a Week; Spot ETF Inflows Extend to Seven Days

Bitcoin (BTC) is hovering near $79,000, down about 1.2% over the past 24 hours as traders locked in gains after the cryptocurrency climbed 23% in seven days. The broader CoinDesk 20 (CD20) index fell 2.1% over the same period. Demand indicators remain solid. U.S.-listed spot bitcoin ETFs recorded $314 million of net inflows on Tuesday, marking a seventh consecutive day of additions and pushing month-to-date inflows above $3 billion, according to SoSoValue. The pace of the move is also raising vulnerability to pullbacks. Alternative.me's Crypto Fear & Greed Index surged to 74 from 27 less than two weeks ago before easing back. Pedro Fontes, a research analyst at Mercado Bitcoin, flagged $82,000 and $85,000 as the next resistance areas and said a period of consolidation would be typical after such a steep advance. Elsewhere, gold was little changed around $4,630 an ounce after touching a three-month high. Asian equities advanced, while U.S. equity futures were steady ahead of inflation data and Nvidia (NVDA) results due after the close. Oil fell for a third straight session.