Bitcoin returns to $70,000: Geopolitical conflict concerns ease, ETF fund inflows continue to drive BTC rebound

March 10 News: As tensions in the energy market ease, Bitcoin has rebounded above $70,000 during East Asian trading hours, quickly recovering after weekend sell-offs. Previously, due to Middle East tensions and potential shipping risks in the Strait of Hormuz, market risk sentiment increased, and Bitcoin briefly fell to around $65,000.

Market data shows that energy prices have gradually stabilized after sharp fluctuations, and the selling pressure on risk assets has eased. Bitcoin initially followed stocks and other risk assets downward but then quickly stabilized, forming short-term support between $66,000 and $68,000. As liquidity recovered, bullish funds re-entered the market, pushing the price back above key psychological levels.

Market maker Enflux noted in a report that Bitcoin demonstrated strong resilience amid volatile energy markets. The report states that during the peak of risk aversion, Bitcoin briefly dipped below $66,000 but then quickly stabilized, showing more robust performance compared to some stocks and traditional hedging tools.

Institutional capital inflows remain a key driver supporting Bitcoin’s price. According to SoSoValue data, last week’s US spot Bitcoin ETF saw approximately $568 million in net inflows, down from $787 million the previous week. Since launch, these investment products have accumulated over $55 billion in net inflows. Preliminary data shows that Monday’s single-day inflow was about $57 million, though some issuers have yet to release complete figures.

On-chain and derivatives market indicators also suggest Bitcoin is gradually stabilizing after recent sharp volatility. Blockchain analytics firm Glassnode pointed out that momentum indicators, ETF demand, and profitability metrics have slightly improved, but overall market capital flow remains weak, and speculative trading activity has not yet returned to previous levels. Investor sentiment remains cautious.

As the price climbs back above $70,000, market sentiment has noticeably warmed. On the prediction platform Polymarket, traders now estimate the probability of Bitcoin reaching $75,000 in March has risen sharply from about 34% to 56%. This change indicates that, as BTC breaks through a key psychological threshold, expectations for short-term upside are rapidly increasing.