Meanwhile, blockchain equity ETFs are one to watch for outside of crypto-related funds. These products invest in publicly traded companies that derive revenue from crypto infrastructure, like miners, exchanges, and chip makers selling into crypto applications.
Inflows totaled $617 million over the past three weeks, including a record weekly figure, marking what CoinShares analyst James Butterfill described as an explosion in demand for indirect technology exposure to the asset class.
The pattern suggests allocators who cannot or will not hold spot bitcoin directly are rotating into the equity wrappers around the sector.
Bitcoin tagged $79,399 overnight, its highest level since January 31, before reversing to $77,705. The level matters because $80,000 is where buyers from January and February are approaching breakeven on positions held through the war-driven correction.
The week ahead is the test of whether institutional flows can absorb that selling pressure or whether a third rejection from $79,000 starts to define a range rather than precede a breakout.
Megacap tech earnings on Wednesday and Thursday from Alphabet, Microsoft, Amazon, and Meta, followed by Apple on Thursday, represent roughly a quarter of the S&P 500's market capitalization and will determine whether the broader risk-on bid that has been lifting bitcoin alongside equities continues.
Strong earnings would extend the four-week run of crypto inflows and bitcoin may gets the catalyst it needs to clear $80,000. Disappointing results, however, could send prices dwindling lower.
coindesk.com
