 ▲ Bitcoin (BTC) / ChatGPT-generated image © |
The cryptocurrency market, which had been frozen by geopolitical tensions stemming from the Middle East, is regaining a sense of relief as surging oil prices ease and institutional inflows into exchange-traded funds (ETFs) resume. Market leader Bitcoin (BTC) has cautiously begun to rebound, reclaiming the $69,000 level.
According to crypto media outlet Decrypt on March 10 (local time), on-chain analytics firm Glassnode stated in its weekly market report that despite aftershocks from the Middle East crisis shaking global financial markets, Bitcoin’s internal metrics are showing early signs of stabilization after enduring weeks of pressure. As of Monday, Bitcoin rose more than 4.3% in a single day to settle near $69,100, shaking off the steep downturn that swept across global asset markets last week.
Glassnode analyzed that momentum indicators, ETF demand, and profitability metrics have generally improved, signaling stabilizing market conditions. However, it cautioned that although price momentum has slightly recovered, there is still insufficient bullish strength to fully reverse the trend, describing the current rebound as “tentative.”
A key driver behind this rebound was President Donald Trump’s remarks suggesting a potential end to hostilities. Brent crude, which had surged to as high as $119.50 per barrel amid concerns over a possible closure of the Strait of Hormuz, quickly retreated to the $91 to $100 range following indications of Trump’s intervention, calming macroeconomic fears in the market. In response, the S&P 500 index closed up 0.8%.
Bitcoin’s internal derivatives market is also showing renewed activity. Rising futures open interest indicates cautious accumulation of leveraged positions, while aggressive buying in the perpetual futures market suggests a revival in traders’ risk appetite. Notably, analysts at QCP Capital assessed that although Bitcoin’s status as digital gold may still be incomplete amid extreme volatility, it is clearly proving its tangible value as a “digital escape hatch” during times of crisis.
U.S. spot Bitcoin ETF inflows, reflecting institutional buying interest, also sent a positive signal, jumping 20% week-over-week to $934 million. However, Glassnode warned that spot trading volumes and network activity remain sluggish, and overall capital inflows are still weak. It emphasized that more time is needed for full market confidence to return, cautioning that the current recovery rests on a fragile foundation.
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