Bitcoin and Ethereum prices have recovered from last week’s lows, providing optimism that the bottom could be located. This comes amid the accumulation of whales while the crypto ETFs have seen a remarkable inflow after last week’s outflow.
Why Bitcoin and Ethereum Prices Are Rising Again
The Bitcoin and Ethereum Prices have risen from last week’s lows of around $60,000 and $1,900 respectively. BTC climbed as high as $71,000, leading to bullish sentiments that the crash to $60,000 may have marked the bottom. These price increases are the result of significant accumulation from both private and institutional investors.
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In one X messageon-chain analytics platform Lookonchain revealed two whales buying Bitcoin and ether. These two newly created wallets would have withdrawn 3,500 BTC, worth $249 million, and 30,000 ETH, worth $63 million, from Binance, likely keeping these coins for the long term.
Furthermore, Bitcoin and Ethereum prices have also recovered due to renewed inflows into BTC and ETH ETFs. Data from SoSoValue shows this the BTC ETFs recorded daily net inflows of $145 million yesterday, maintaining the momentum from last Friday when they took in $371 million, after three consecutive days of outflows.
Further data from SoSoValue shows that Ethereum ETFs saw daily net inflows of $57 million yesterday, reversing the trend after three consecutive daily net outflows. Tom Lee’s BitMine also continues to buy more ETH, which is positive for the Ethereum price. Lookonchain unveiled that BitMine bought 40,000 ETH yesterday, worth $83 million. These purchases come just after the company announced that it had purchased 40,613 ETH last week, worth $82.85 million.
Related Reading: Ethereum Price Will Breakout Against Bitcoin, But How High Can It Go?
It is also worth highlighting external factors that have contributed to the recent rise in Bitcoin and Ethereum prices. Tensions between the USA and Iran It appears talks cooled last Friday, after initial reports that talks were unlikely to go ahead. Meanwhile, traders are starting to price in the possibility of a rate cut in March after weak recent jobs data.
Bullish argument for BTC and ETH
Crypto analyst Michaël van de Poppe has made a bullish case for Bitcoin and Ethereum prices. In one X messageHe stated that he expects more momentum to build for BTC, with a clear breakout above $71,500 in the coming days. The analyst added that the pattern is similar to the COVID crashand he thinks there could be a rally to between $78,000 and $80,000 in the coming weeks.
For Ethereum, Michaël van de Poppe stated that this is a “great” opportunity to look at ETH as there is a huge gap with the ‘fair price’. He added that ETH’s current valuation, based on the MVRV ratio, is priced as low as it was during notable crashes such as the peak of the 2018 crisis. bear market and the April 2025 crash when Trump announced reciprocal tariffs.
Featured image from iStock, chart from Tradingview.com