Bitcoin gained 8.3% over the week, closing at $83,240 on Friday evening, in a macroeconomic environment that might have been expected to weigh on risk assets. Monetary context The FOMC minutes from March 19 confirmed the Fed is holding rates in the 4.00%-4.25% range. Core PCE inflation stands at 2.8% in February — still above the 2% target. ETF flows: the determining factor Farside Investors records $1.2 billion in net inflows, with BlackRock IBIT alone accounting for $687 million. This marks the third consecutive week of positive flows. What this data does not tell us Three positive indicators over one week do not constitute a trend. What the data says: market structure is more solid than it appears given the rate environment.