Bitcoin Stays Near $70,000 as Oil Shock Hits Stocks; OTC Demand Steps in

A surge in oil prices tied to the Iran war has hit global equities and pushed traders into defensive positioning. Bitcoin has held up better than most risk assets, staying near $70,000 and rising about 4% so far this month.

Market participants point to a mix of demand sources that stepped in on dips, including OTC block buying, Strategy’s latest purchase, improving Bitcoin ETF flows, and fresh accumulation from large wallets.

Oil Above $100 a Barrel Jolts Stocks, Bitcoin Holds its Range

Brent and WTI crude climbed above $100 a barrel as the conflict pushed energy risk back into macro pricing.

Asian and European equities sold off as higher fuel costs revived inflation concerns and raised questions about how long central banks can stay restrictive. Bitcoin did not follow the full move lower. Traders kept it inside the same broad band that has defined trading since early February.

OTC Block Trades Soak Up Selling Without Forcing Prices Higher

Liquidity providers pointed to large OTC (Over The Counter) transactions as an early stabiliser. Buyers used privately negotiated block trades to take size without leaning on public order books.

Paul Howard, a senior director at trading firm Wincent, said demand came from “some large over-the-counter trades,” alongside positioning for a potential de-escalation in Iran. The buying arrived during a fragile stretch for risk markets, helping steady spot prices without pushing trading into a frantic melt-up that would have drawn quick sellers.

Strategy Adds 17,994 Bitcoin as Corporate Bid Reappears

Strategy added another layer of demand with a new Bitcoin purchase during the selloff window. The company bought 17,994 Bitcoin between March 2 and March 8, lifting total holdings to 738,731 Bitcoin.

The size is meaningful in supply terms. Bitcoin has now passed 20 million mined, leaving less than 1 million coins to be issued. With issuance running near 450 Bitcoin per day, Strategy’s purchase equalled several weeks of new supply.

The buy also reinforced a market dynamic that traders have leaned on throughout the cycle. When Strategy buys during turbulence, it gives Spot a clearer bid and reduces the amount of inventory that needs to clear through exchanges.

Bitcoin ETF Flows Turn Supportive as Macro Volatility Returns

Spot Bitcoin ETF flows have improved after months of withdrawals, giving the market another source of steady demand.

“Institutional flows have also turned supportive. Spot Bitcoin exchange-traded funds have seen net inflows of around $1.7 billion since late February. This reversed a stretch of outflows that lasted roughly four months. For the March 8-10 period, flows contributed to a weekly net inflow of about $568 million,”

Vikram Subburaj, CEO of India-based Giottus exchange, said.

Some desks also flagged renewed interest in the MSTR carry trade. Traders short stock while buying spot Bitcoin ETFs, aiming to capture Bitcoin’s upside while hedging exposure to the equity premium embedded in MSTR.

Whales Add $60,000 to $70,000 as a Demand Zone

On-chain signals suggest dip buying was not limited to institutions.

“Larger wallets holding more than 1,000 BTC added roughly 0.3% to their balances during recent dips. This points to prudent accumulation during periods of weakness,”

Subburaj said.

Other tracking showed heavy turnover in the recent support band. More than 400,000 Bitcoin changed hands between $60,000 and $70,000 during the latest downturn, building a thicker layer of supply owned near current prices.

That combination can make the market harder to break quickly. New holders in that zone tend to defend their entries, while older holders use rebounds to reduce exposure.

A Resilient Tape, Not a Risk-On Breakout

Bitcoin’s stability has come from active demand, not from a clean shift in macro conditions. Oil, rates, and geopolitics still set the daily mood. For the time being, the market is looking supported and range-bound. Buyers have shown up on weakness, but they have not forced the kind of breakout that would signal a full risk reset.