Bitcoin and Oil Markets Tumble Amid Middle East Conflict Uncertainty

The global financial markets are facing significant volatility due to the ongoing Middle East conflict and its impact on oil prices. Bitcoin, which has been trading below the $70,000 level, has dropped by 1.6% over the past 24 hours.

Despite the decline, institutional demand for Bitcoin remains strong. Spot Bitcoin exchange-traded funds in the United States recorded five consecutive weeks of net inflows, totaling $2.5 billion during March.

On-chain data shows that net Bitcoin outflows from exchanges over the past month indicate a shift towards long-term holding by investors. This trend could support a future upward move for the cryptocurrency.