Bitcoin faces renewed ETF outflows amid war-driven volatility as price slips back below $70,000

Bitcoin's recent rally, supported by strong spot demand and over $1.1 billion in ETF inflows across three days, has stalled, pushing its price back below $70,000 due to renewed outflows and macro uncertainty driven by war volatility.

While analysts noted aggressive buying absorbing distribution pressure from miners and older holders, the positive ETF trend reversed on March 5 with $227.9 million in net outflows. Sentiment remains mixed; some analysts suggest Bitcoin is showing 'flight-to-safety' characteristics, while others remain skeptical, noting the price is still ranging between $60,000 and $71,000 and needs a decisive break above the upper band.

Caution is advised as QCP Capital links market movements to oil prices, suggesting Bitcoin is not a simple hedge against oil shocks. Although leverage is not overheated, a sharp downdraft could test support near $66,000, leaving the market in a delicate balance between positive spot absorption and ongoing macro/geopolitical risks.

(Source：The Block)