Bitcoin has held up surprisingly well this month despite turbulence across global markets triggered by geopolitical tensions and a sharp jump in oil prices.
Energy markets have been particularly volatile, with key crude benchmarks — Brent Crude and West Texas Intermediate — rising about 30% during the month and briefly climbing above $100 per barrel early Monday. The surge in oil has pressured global equities, especially in Asian and European markets, where stocks have faced renewed downside volatility.
Bitcoin, however, has largely resisted the broader market stress. The cryptocurrency has climbed nearly 4% this month and has been trading around $70,200, according to data from CoinDesk.
Market participants say consistent demand from institutional investors and large traders has helped maintain stability during the recent volatility.
Paul Howard, senior director at liquidity provider Wincent, said large over-the-counter (OTC) trades played a key role in supporting bitcoin demand during the market turbulence.
“Several sizeable OTC transactions have helped sustain demand, alongside continued bitcoin purchases by Strategy,” Howard said in an email to CoinDesk. “The timing of these moves during heightened geopolitical tensions could signal that confidence in risk assets is beginning to recover.”
OTC desks enable institutions and large traders to execute substantial cryptocurrency transactions privately rather than through public exchange order books. These negotiated trades help minimize the market impact of large orders.
Howard also pointed to renewed interest in a carry trade strategy tied to Strategy’s stock. In this approach, traders short Strategy shares while simultaneously buying bitcoin exchange-traded funds, allowing them to hedge exposure while still benefiting from potential bitcoin gains.
Institutional inflows into ETFs have also strengthened. The 11 U.S.-listed spot bitcoin ETFs have attracted more than $700 million in net inflows this month, according to data from SoSoValue.
Vikram Subburaj, CEO of the India-based crypto exchange Giottus, said the inflows mark a notable turnaround after months of withdrawals.
“Spot bitcoin ETFs have recorded roughly $1.7 billion in net inflows since late February, reversing nearly four months of outflows,” Subburaj said. “Between March 8 and March 10 alone, ETF activity contributed to a weekly net inflow of about $568 million.”
Analysts at Nexo also highlighted ongoing accumulation by Strategy as a supportive factor for the market. The Nasdaq-listed company purchased 17,994 BTC between March 2 and March 8, raising its total holdings to 738,731 BTC.
According to Nexo analyst Iliya Kalchev, the purchase represents a significant portion of new bitcoin supply entering circulation.
“More than 20 million BTC have now been mined, leaving fewer than one million coins left to be issued,” Kalchev said. “With around 450 BTC produced daily, supply growth remains limited. Strategy’s latest purchase alone equals roughly five weeks of new issuance and brings its holdings to about 3.7% of the circulating supply.”
On-chain data also indicates continued accumulation by large holders. Subburaj noted that wallets containing more than 1,000 BTC increased their balances by roughly 0.3% during recent dips, suggesting investors used the volatility to build positions.
He also added that more than 400,000 BTC recently traded between the $60,000 and $70,000 price range, highlighting strong demand within that band.
