Bitcoin price experiences a surge today: here are the top 3 factors contributing to its rise

Bitcoin (BTC) has surpassed $70,000, bouncing back from a week of negative flows into spot BTC exchange-traded funds (ETFs). On March 25, BTC reached an intra-day high of $70,306, up 7.5% in the last 24 hours. This recovery follows a period of price downturn, with BTC falling as low as $60,771 due to negative ETF inflows. The recent surge in BTC price metrics may indicate a positive trend. Last week, there were outflows of $942 million from spot Bitcoin ETFs, marking the end of a 7-week cycle of inflows. CoinShares attributed these outflows to a recent drawdown in crypto prices. Bitcoin accounted for 96% of the outflows, totaling $904 million, while short-bitcoin saw minor outflows of $3.7 million. The large outflows in spot Bitcoin ETFs were likely driven by bankrupt lender Genesis selling GBTC shares. Additionally, Bitcoin’s Age Consumed metric has seen a significant increase, indicating a revival in network activity. The number of dormant BTC addresses moving BTC reached the highest level in over two years, suggesting an increase in price volatility. Altcoins performed well last week, with net inflows of $16 million. Large-cap altcoins such as BNB, DOGE, and TON outperformed Bitcoin, although Bitcoin still dominates the market at 51.77%. The altcoin season is not yet here, as the Altcoin Season Index is at 49.