Bitcoin has rallied to $68,000 as global stock markets tumble due to the ongoing Middle East conflict. The cryptocurrency market is exhibiting relative strength compared to traditional assets, with bitcoin up by over 2% from its worst levels of the day.
Despite the turmoil in traditional markets, precious metals such as gold and silver are also experiencing sharp declines, down 4.3% and 7.5%, respectively. Meanwhile, WTI crude oil continues to surge, reaching $77 per barrel.
Market maker Enflux suggests that traders are not pricing in either a decisive rally or a deeper sell-off, while Glassnode data indicates improving spot demand but cautious derivatives positioning. Institutional demand remains a key source of support, with spot bitcoin ETFs drawing about $1.45 billion in net inflows over the past five trading days.