Overview
- Bitcoin rebounded to roughly $70,500 after a morning dip, extending its relative outperformance versus stocks and gold since late February even as broader risk assets weakened.
- Brent and WTI crude pushed back above $100 following reported strikes on tankers and U.S. military action near the Strait of Hormuz, intensifying inflation concerns and reinforcing expectations the Fed will hold rates in March.
- BlackRock’s IBIT has attracted nearly $1 billion in March after prior outflows, and improving ETF flow data suggest institutional demand is stabilizing weekday liquidity.
- Derivatives and sentiment gauges remain dour, with negative funding rates since early March and the Crypto Fear & Greed Index in extreme fear, while price continues to trade within a defined $62,696–$71,775 range.
- On‑chain metrics point to rising stress as Supply‑in‑Loss approaches 40%–45%, even as longer‑term views diverge between Bitwise’s $1 million‑in‑10‑years scenario and a disputed bearish call for a drop toward $10,000.