Bitcoin (BTC) climbed back toward the low-$70,000s on Wednesday, even as traders have continued to price geopolitical disruption across the Middle East and push out expectations for near-term rate cuts.
According to The Block’s price page, bitcoin is up over 7% in the last 24 hours and was leading crypto market gains at press time. Ethereum (ETH) similarly surged in price, along with the broader market, as bitcoin rallied.
ETF flows cushion upside move
The move has coincided with a renewed bid for U.S.-listed spot bitcoin exchange-traded funds after weeks of chop that left crypto markets struggling to sustain upside momentum.
U.S. spot bitcoin ETFs recorded about $225 million of net inflows on March 3, following roughly $458 million of inflows the day before, with no funds posting net outflows in the March 2 session, SoSoValue data shows.
Ether’s ETF complex has been steadier but less decisive. U.S.-listed spot ether ETFs saw about $38.7 million of net inflows on March 2 before flipping back to roughly $10.9 million of net outflows on March 3.
Multiple analysts have pointed to a market that has absorbed the latest geopolitical headlines more cleanly than many had expected, allowing risk appetite to reassert itself as U.S. trading reopened.
Derivatives spike
Still, derivatives positioning suggests that the rebound has not been purely spot-led. On Tuesday, Glassnode said perpetual open interest posted its largest daily percentage increase since July 2025, with leverage expanding as bitcoin tested about $69,400 — a level it said has repeatedly acted as a rejection zone when profit-taking flares.
The bounce has also landed just days after CoinShares data showed $1 billion of net weekly inflows into digital asset investment products, snapping a five-week outflow streak. James Butterfill, CoinShares’ head of research, read the shift as investors moving from de-risking into “where’s the entry?” mode, even with macro uncertainty still unresolved.
Yet, some experts have also cautioned against treating ETF flow prints as a one-to-one proxy for immediate spot buying. Bitfinex analysts, in a report published March 3, argued that regulated institutional products on Wall Street can create timing gaps between ETF share activity and underlying bitcoin purchases, potentially muting the near-term price response even when demand looks healthy.
Others have stressed that geopolitics remains the swing factor for cross-asset volatility, especially if energy supply constraints deepen. In a March 4 market note, QCP Capital said bitcoin’s relative strength has stood out as the conflict has tightened conditions for risk assets, while warning that further turbulence could follow if disruption persists around the Strait of Hormuz.
Bitcoin was last trading near $71,400, while ether was also higher on the session above $2,050, The Block’s prices page shows.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
