Overview
- Fresh tanker strikes and shipping disruptions near the Strait of Hormuz pushed Brent and WTI back above $100, with Iranian officials warning oil could reach $200 if the conflict intensifies.
- Bitcoin recovered to roughly $70,000–$71,000 after an early dip, extending a two‑day range of about $69,000 to $71,700 even as stocks fell and crude spiked more than 10%.
- Since the Feb. 28 escalation, Bitcoin is up roughly 7%–8%, outperforming the S&P 500, Nasdaq 100, gold and silver, reflecting relative strength during the energy shock.
- Derivatives data show open interest near $102 billion alongside flat to negative funding and rich put pricing, pointing to defensive positioning rather than aggressive long risk.
- Spot ETF demand has steadied, with BlackRock’s IBIT drawing nearly $1 billion in March inflows per SoSoValue, though sustained upside likely depends on easier liquidity or geopolitical de‑escalation.