Crypto markets moved lower on Friday as the Iran conflict entered its fifth week without resolution, even as underlying data continued to point to steady institutional accumulation.
Bitcoin traded around $68,500, down 3.2% over the past 24 hours and 2.7% on the week, as markets were once again whipsawed by a familiar pattern—initial de-escalation headlines quickly followed by renewed escalation.
U.S. President Donald Trump extended the deadline for Iran to reach a ceasefire by 10 days, saying negotiations were progressing well. Brent crude briefly fell 1.3% to $106 on the announcement, but the relief faded after reports that the Pentagon is considering deploying up to 10,000 additional troops to the Middle East.
The broader crypto market slipped about 1%, bringing total market capitalization to $2.4 trillion. Ether declined 4.6% to $2,050, falling back below a level it has struggled to maintain this month. Solana dropped 5.3% to $85.93, while XRP fell 2.8% to $1.36, extending its weekly losses to 6.5%. BNB lost 2.3% to $626, and Dogecoin declined 2.8% to $0.091. Tron stood out as the only major token in positive territory, rising 1.2% on the day and 2.4% on the week.
Global equities also weakened. Asian markets fell 0.6% after Wall Street closed at its lowest level since September in the prior session. South Korean tech stocks led the decline, with Samsung and SK Hynix dragging the KOSPI down 2.3%, while Taiwan’s market dropped 1.2%.
The conflict continues to generate headline-driven volatility, with sharp swings in sentiment leaving markets without a clear trend.
Despite the near-term weakness, some technical signals remain constructive. FxPro chief market analyst Alex Kuptsikevich noted that the total crypto market cap is approaching its 50-day moving average while still holding above it, describing it as a bullish signal.
Institutional flows further highlight underlying strength. Bitcoin ETFs have attracted roughly $2.5 billion in inflows over the past month, according to Bloomberg, offsetting most of the outflows seen earlier this year. BlackRock’s bitcoin ETF ranks among the top 2% of ETFs by inflows year-to-date.
At the same time, net bitcoin outflows from exchanges suggest ongoing accumulation, as investors move assets into self-custody rather than preparing them for sale.
BlackRock also noted that large investors are increasingly concentrating on bitcoin and ether while largely avoiding the broader altcoin market.
With the Iran deadline extended by 10 days, the next key catalyst for markets is likely to emerge in early April.
