Here’s Why The Bitcoin And Ethereum Prices Are Pumping Again
The Bitcoin and Ethereum prices have rebounded from last week’s lows, providing optimism that the bottom may be in. This comes amid accumulation from whales while the crypto ETFs have seen notable inflows following last week’s outflows.
Why The Bitcoin And Ethereum Prices Are Climbing Again
The Bitcoin and Ethereum prices have pumped from their last week’s lows of around $60,000 and $1,900, respectively. $BTC climbed to as high as $71,000, sparking bullish sentiments that the crash to $60,000 may have marked the bottom. These price surges have come on the back of significant accumulation from both retail and institutional investors.
In an X post, on-chain analytics platform Lookonchain revealed two whales that are buying Bitcoin and Ethereum. These two newly created wallets are said to have withdrawn 3,500 $BTC, worth $249 million, and 30,000 $ETH, worth $63 million, from Binance, likely to hold these coins for the long term.
Furthermore, Bitcoin and Ethereum prices have also rebounded due to renewed inflows into $BTC and $ETH ETFs. SoSoValue data shows that the $BTC ETFs recorded a daily net inflow of $145 million yesterday, sustaining the momentum from last Friday, when they took in $371 million, after recording three consecutive days of outflows.
Further data from SoSoValue shows that the Ethereum ETFs saw daily net inflows of $57 million yesterday, reversing the trend after seeing three consecutive daily net outflows. Tom Lee’s BitMine also continues to buy more $ETH, which is a positive for the Ethereum price. Lookonchain revealed that BitMine bought 40,000 $ETH, worth $83 million, yesterday. These purchases come just after the company announced it had purchased 40,613 $ETH, valued at $82.85 million, last week.
It is also worth highlighting external factors that have contributed to the recent rise in Bitcoin and Ethereum prices. Tensions between the U.S. and Iran appear to have cooled following talks last Friday, after initial reports that the talks were unlikely to proceed. Meanwhile, traders are beginning to price in the possibility of a rate cut in March after recent job reports came in weak.
Bullish Case For $BTC And $ETH
Crypto analyst Michaël van de Poppe has made a bullish case for the Bitcoin and Ethereum prices. In an X post, he stated that he expects to see more momentum coming in for $BTC, with a clear breakout above $71,500 in the coming days. The analyst added that the pattern is comparable to the COVID crash, and he thinks a rally to between $78,000 and $80,000 could occur in the coming weeks.
For Ethereum, Michaël van de Poppe stated that this is a “tremendous” opportunity to be looking at $ETH because there is a massive gap to the ‘fair price.’ He added that $ETH’s current valuation, based on the MVRV ratio, is just as underpriced as during notable crashes such as the peak of the 2018 bear market and the April 2025 crash when Trump announced reciprocal tariffs.
Featured image from iStock, chart from Tradingview.com
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