Here's how traders and big buyers stepped in to keep bitcoin steady during the oil shock
Large traders, OTC deals, and MSTR's accumulation helped keep Bitcoin demand steady despite the oil price surge impacting global markets.Summary
Despite a 30% surge in major oil benchmarks due to the Iran conflict, which pressured global equity markets, Bitcoin remained resilient, rising nearly 4% to $70,200. This stability was attributed to large traders and institutional flows stepping in during dips. Specifically, significant demand came from large over-the-counter (OTC) trades, positioning for a swift end to the conflict, and MicroStrategy's (MSTR) continued acquisition of BTC. Analysts noted that MSTR's purchase of 17,994 BTC between March 2 and March 8, bringing its total to 738,731 BTC, was equivalent to about five weeks of new supply issuance. Furthermore, U.S. spot Bitcoin ETFs saw net inflows of over $700 million this month, reversing a four-month outflow trend, signaling renewed institutional appetite. Traders also engaged in a 'carry trade' strategy, shorting MSTR stock while buying Bitcoin ETFs. On-chain data also showed larger wallets (holding over 1,000 BTC) accumulating during weaknesses, further underpinning demand.
(Source：CoinDesk)