Bitcoin reaches six-week high as inflows into ETFs increase

Bitcoin rose to an almost six-week high with demand for riskier assets rising amid growing optimism that turmoil caused in global markets by the conflict in the Middle East may be easing.

The original cryptocurrency climbed as much as 3.7% to $74 416, the highest since February 4. Bitcoin is still down around 40% from a record high reached in October 2025.

Other smaller, more volatile, digital assets saw even greater gains. Ether, the second-largest cryptocurrency, rose as much as 8% to $2,302, roughly twice Bitcoin’s advance. Solana and XRP rose as much as 6.2% and 5%, respectively.

Bitcoin has weathered the war with Iran, which broke out at the end of February, better than many traditional assets. Gold is down about 5% this month, while Bitcoin is up by more than 12%.

US stock futures rose and oil prices reversed an advance on Monday amid hopes that more tankers will be able to traverse the Strait of Hormuz, with talks ongoing to ensure the waterway’s security.

“Crypto has been in a bullish mood over the past week despite geopolitical uncertainty,” said Caroline Mauron, co-founder of Orbit Markets. “A break through $75,000 now appears very possible, as both retail and strategic buyers feel the worst of the crypto drawdown is behind us.”

Inflows to exchange-traded funds suggest a return of institutional confidence. Net flows for the 12 US-listed spot Bitcoin ETFs topped $763 million last week, a third consecutive week of inflows. So far for March, total net inflows are $1.3 billion.

“BlackRock’s IBIT accounted for roughly 78% of those flows, a concentration that reflects conviction buying rather than speculative rotation,” said Rachael Lucas, an analyst at BTC Markets.

While historically serving as a speculative bet, Bitcoin for the past two weeks has been behaving more like a macro hedge during a period of geopolitical stress. As Bitcoin spiked on Monday, crude oil was paring gains from earlier in the day after US President Donald Trump called on nations to help reopen the Strait of Hormuz, a critical trade waterway.

Jeff Mei, chief operating officer at BTSE, also pointed to Iran’s comments that the strait was only shut to ships from “enemies,” suggesting only American and Israeli ships would be threatened.

“If the conflict looks as if it’s drawing to an end, Bitcoin could very easily recover quickly and retrace back towards the $100 000 mark,” Mei said. “If the conflict is likely to drag on, Bitcoin could dip back towards the $60 000 mark.”

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