Bitcoin nears $75,000 as major cryptocurrencies log double-digit weekly gains ahead of the Fed decision

A broad-based crypto rally has gathered pace, with major tokens posting strong weekly gains as improving institutional flows and macro expectations drive sentiment higher ahead of a key Federal Reserve decision.

Ethereum led the advance, climbing more than 13% over the past seven days to around $2,316. XRP rose roughly 11% to $1.53, while Solana gained close to 9.7% to $93.92. Dogecoin added about 9.5%, reclaiming the $0.10 level, and BNB advanced 5% to $676. The move marks the broadest sustained rally since before the Iran war began.

Bitcoin briefly spiked to $75,912 early Tuesday before pulling back to around $74,372. However, the short-term volatility masks a stronger underlying trend across the market.

Earlier gains above $75,000 were largely driven by derivatives activity rather than fresh spot demand. Specifically, the closure of large $60,000 put positions forced market makers to buy bitcoin to rebalance exposure, temporarily pushing prices higher. The subsequent rejection below $74,400—a former support level from April 2025—suggests traders remain hesitant to chase upside without a clear fundamental catalyst.

Despite that hesitation, the strength of the rally is supported by improving institutional flows. According to Mark Pilipczuk, spot bitcoin ETFs recorded approximately $767 million in net inflows last week, marking a third consecutive week of positive flows and a sharp turnaround from the more than $3 billion in outflows seen over the prior five weeks.

Another notable trend is bitcoin’s renewed correlation with gold. The SPDR Gold Shares gained roughly 16% year-to-date through mid-March, while iShares Bitcoin Trust had been down around 19% over the same period. That gap has since narrowed significantly, with bitcoin outperforming gold by more than 13% since early March. The 90-day correlation between the two assets has also flipped from negative to positive, reviving the “digital gold” narrative that had weakened earlier in the year.

Attention now turns to the Federal Reserve meeting, which began Tuesday and concludes Wednesday. Markets are widely expecting the Federal Reserve to hold interest rates steady, with pricing indicating a greater than 95% probability of no change in the 3.5% to 3.75% range.

The focus instead will be on updated projections and commentary from Jerome Powell. With oil prices above $100 raising concerns about stagflation and signs of weakness emerging in the labor market—including February’s reported job losses—the Fed faces competing pressures. How Powell frames this balance could prove decisive for risk assets, including cryptocurrencies, through the remainder of March.