Bitcoin (CRYPTO: BTC) spot ETFs posted $996.4 million in net inflows last week, the largest weekly total since mid-January, bringing positive flows to three consecutive weeks.

BlackRock And Morgan Stanley Lead Inflows

BlackRock’s IBIT (NASDAQ:IBIT) led weekly inflows with $906 million. Morgan Stanley’s MSBT (NYSE:MSBT) logged $71 million in its first full trading week since launching April 8.

Over the past three weeks, the funds have drawn in more than $1.8 billion. 

Meanwhile, spot Ethereum (CRYPTO: ETH) ETFs also posted their highest weekly net inflows since January 16, worth $275.8 million.

The Iran Peace Angle

Institutional investors believe a permanent de-escalation in tensions between the U.S. and Iran is imminent and are increasing their long positions on Bitcoin ETFs as a result, Jeff Mei, COO of BTSE, told The Block.

The U.S. and Iran’s two-week ceasefire agreement is set to expire Wednesday amid continued efforts for peacemaking. 

President Donald Trump announced U.S. negotiators are heading to Islamabad for potential talks with Iran.

Iranian sources reportedly said officials will not join peace talks unless the U.S. lifts its blockade of the Strait of Hormuz. Recent reports said the U.S. seized an Iranian-flagged cargo ship in the strait.

The Fed Factor

Retail demand is improving, but sustained upward momentum requires additional rate cuts from the Federal Reserve, Mei said. 

This was the main factor affecting crypto inflows prior to the U.S.-Iran conflict and will continue to weigh on sentiment in the mid- to long-run.

Bitcoin’s $78,000 Test

Bitcoin is pressing directly against the SAR at $78,390—the last technical barrier before open air toward $80,000. 

The Supertrend at $68,832 sits comfortably below, keeping the daily trend firmly bullish.

The rising wedge from the February lows has broken to the upside. 

Price has crossed above the descending dotted trendline from the October peak for the first time in six months. 

Combined with the wedge breakout, this is the cleanest technical setup BTC has shown since the bull run.

BTC Key Levels For April 20 & 21

Key support sits at $74,017, then $71,000, then $68,832 (Supertrend). 

Resistance clusters at $78,390 (SAR), then $80,000, then $85,000.

A break and hold above $78,400 opens the road to $85,000.

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