Bitcoin Stalls at $68,000 Wall as Institutional Inflows Turn Negative

Bitcoin's recent rally stalled as institutional inflows turned negative and geopolitical tensions between the US and Iran escalated.

The cryptocurrency surged past $66,000 for the first time in a month, fueled by net inflows of $226.8 million into U.S. spot Bitcoin exchange-traded funds (ETFs) on the 20th, followed by $203.2 million on the 21st and an additional $69.1 million on the 22nd.

However, the rally lost steam as ETF flows turned negative on the 23rd, with BlackRock's IBIT accounting for a massive $202.5 million in outflows, snapping a seven-day streak of net inflows.

The $68,000 level acted as the first formidable resistance line for the rebound, and Bitcoin was unable to breach it despite institutional money being the driver of the early-week rally.