Bitcoin Surges 8.5%, Breaks From Tech Stocks
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- Bitcoin is up about 8.5% this week and trading above $71,000, putting it on track for its best weekly performance since September 2025
- Bitcoin has gained roughly 13% since the Middle East conflict escalated over two weeks ago, while gold fell around 6%, U.S. equities posted losses, and the iShares Expanded Tech Software ETF rose only about 3%
- BlackRock's iShares Bitcoin Trust (IBIT) is up roughly 3.5% over five days and approached a one-month high Friday, while IGV, gold, and U.S. equities all trended lower — evidence bitcoin is losing its strong short-term correlation with software and tech
- U.S. spot bitcoin ETFs have recorded approximately $1.3 billion in net inflows so far in March, on pace for their first positive monthly flow since October
- Bitcoin is up about 7% in March so far, which would mark its first positive month since September after five consecutive losing months in which the asset declined as much as 50% from its October all-time high
- Market sentiment indicators remain cautious: the crypto fear and greed index is still in 'extreme fear' territory and perpetual futures funding rates remain negative, meaning short sellers are paying longs — bearish positioning is dominant
- CoinDesk analysis suggests bitcoin may have become a 24/7 leading indicator for macro events: it moved first when the conflict began, and other asset classes have since followed its price action
Why it matters: The roughly $1.3 billion in March ETF inflows marks the first positive monthly flow since October and signals institutional capital returning after BTC shed as much as 50% from its October high. Bitcoin's 13% gain since the conflict began — while gold fell 6% — directly undermines the framing of BTC as a pure risk asset during geopolitical shocks.
