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Bitcoin<\/span> extended its rally Thursday as on-chain data showed easing selling pressure and U.S. spot ETFs recorded their largest inflow day in nearly three weeks.<\/p>\n The leading cryptocurrency climbed 4.4% over the past 24 hours to around $68,300, according to CoinGecko data. The move extends Wednesday’s pre-Nvidia earnings-driven rally in tech stocks, which also influenced Bitcoin, Decrypt<\/i> previously reported.<\/p>\n NVIDIA’s blockbuster earnings report on Wednesday gave this uptrend a tailwind, pushing the entire crypto market up 4.4% to $2.43 trillion, per CoinGecko. The chipmaker posted quarterly revenue of $68.1 billion, up 73% year-over-year, significantly exceeding Wall Street expectations across all major metrics.<\/p>\n U.S. spot Bitcoin ETFs recorded $506 million in inflows on Wednesday, the highest since February 2’s $561 million haul, according to SoSoValue. The surge suggests institutional demand is reaccelerating after a period of subdued activity.<\/p>\n “Bitcoin spot demand is growing for the first time since late November,” Julio Moreno, head of research at CryptoQuant, tweeted Thursday.<\/p>\n Additional on-chain data points to reduced selling pressure on U.S. exchanges. The Coinbase premium index\u2014which measures the price difference between Bitcoin on Coinbase versus Binance, and serves as a proxy for U.S. institutional demand\u2014has climbed from deeply negative territory around February 12 to 0.05 this week.<\/p>\n “Selling pressure on Coinbase is easing,” CryptoQuant founder Ki Young Ju also tweeted Thursday, pointing to the metric’s turnaround.<\/p>\n Lacie Zhang, Market Analyst at Bitget Wallet, told Decrypt<\/i> that the shifting dynamics could signal a strategic entry point for investors. “This easing, evidenced by a 25% drop in on-chain outflows and growing apparent demand since late November, could indeed set the stage for a market bottom,” she said. “It presents a buying opportunity with improved risk-reward ratios that encourage long-term investment in the sector.”<\/p>\n Not all analysts share that optimism.<\/p>\n Illia Otychenko, Lead Analyst at CEX.IO, offered a more measured view, attributing the reduced selling pressure to cooling speculative activity rather than a fundamental shift in demand. “Since early February 2026, futures volume has dropped by about 44%, and spot volume is down roughly 50% from recent highs,” he told Decrypt<\/em>. “When leverage declines, and trading slows, forced selling also tends to decrease.”<\/p>\n Despite the positive signals, Otychenko cautioned that the current setup does not yet confirm a trend reversal since the market structure remains fragile and demand hasn\u2019t really caught up yet.<\/p>\n<\/p><\/div>\n