On Monday, Bitcoin reversed last week's decline, and spot Bitcoin ETFs surged about 11% across the board. The main contract for CME Bitcoin futures BTC was reported at $71,075, up 6.84% from the end of the New York session last Friday, and traded in the $66390-71,425 range during the intraday period.

Other digital currencies generally rose on the same day. The main contract for CME Ether futures DCR was reported at $3637.5, up 6.17% from last Friday, and traded in the $3424-3660 range during the intraday period. Most of the top 10 digital currencies in market capitalization have been positive in the past 24 hours, and most have achieved cumulative gains over the past 7 days.

Digital currency concept stocks mostly rose on Monday, and there was no shortage of big gainers. “Bitcoin Holders”$MicroStrategy (MSTR.US)$Closing up 21.86%,$CleanSpark (CLSK.US)$up 19.88%,$Cipher Mining (CIFR.US)$increased by 13.85%,$Iris Energy (IREN.US)$Up 10.49%, digital currency exchange$Coinbase (COIN.US)$up 9.47%,$Hut 8 (HUT.US)$up 7.8%,$The9 Ltd (NCTY.US)$Up 5.66%, influencer brokerage$Robinhood (HOOD.US)$up 4.26%,$Ebang International (EBON.US)$Up 1.92%.$Canaan (CAN.US)$Tidy up,$Bitfarms (BITF.US)$fell 0.87%,$Mercurity Fintech (MFH.US)$fell 6.67%.

Last week, Bitcoin experienced its biggest weekly decline in half a year. Bitcoin spot ETFs have an outflow of nearly 900 million US dollars. The main reason is that capital continues to flow out of the gray scale of high management fees. In addition, subscriptions for related products from BlackRock and Fidelity have slowed down.

Last week's massive outflow of capital prompted traders to hedge more against falling prices, as well as a massive liquidation of leveraged long bets in the cryptocurrency futures market.

According to Goldman Sachs data, in the futures market, Bitcoin's open positions reached a new high, exceeding 33,000, with a nominal value of nearly 12 billion US dollars. The number of contract holders is also close to a record high. Goldman Sachs also noticed that in the week of March 5 to 12, institutions were net buyers, and the size was more than 3 times the standard deviation, while hedge funds or leveraged investors were net sellers, and the size also exceeded 3 times the standard deviation. Institutional net long positions and hedge fund net short positions are all at record levels, and the concentration of bulls is well above average.

Mysterious buyers of Bitcoin known as “Mr. Whale” and “Mr. 100” take action again. Data over the weekend showed that the buyer bought all the bitcoins mined in the past two days.

The mystery buyer has been buying an average of 100 bitcoins per day since November 2022. Analysts believe he is probably not an investor; he may belong to an investment fund or one of the big banks behind several currently available spot Bitcoin ETFs, although there are also people who are skeptical about this view.

Financial blogger ZeroEdge said:

The last week saw the largest shorting/selling of Bitcoin CME non-commercial futures since October last year.

Another epic emptiness has arrived.

Nathanaël Cohen, co-founder of the digital asset hedge fund INDIGO Fund, said:

Although ETF inflows have been dragged down, the volume of buy orders around $60,000 is still high, indicating that the market is eager to buy when it falls.

Earlier this month, the Wall Street News website mentioned that the net flow of Bitcoin spot ETF surpassed 30,000 bitcoins in early March. Analysts warned that at this rate, a “sellers' liquidity crisis” will occur in September. Some analysts point out that once a sellers' liquidity crisis occurs, Bitcoin's next cyclical peak may exceed our expectations due to restrictions on sellers' liquidity and low order volume.

Editor/Somer