Investors are not pricing in a full‑blown war with Iran yet, which keeps Bitcoin’s price relatively steady, analysts say.
Crypto is holding up better than the rest of the market as Trump again ramps up the Iran fight, but analysts say traders are fading the escalation risk.
In a Monday analytical note, April 6, analysts at Singapore-based crypto trading firm QCP Capital noted that the market is treating recent headlines as more bark than bite, keeping crypto flows intact. The analysts said:
“While the economic and humanitarian consequences of escalation would be severe, particularly via energy market disruption, markets are increasingly discounting the immediacy of this risk.”
Bitcoin pushed above $69,000 into the Asia session, triggering an estimated $200 million in short liquidations amid thin liquidity, the analysts say. That move shows that Bitcoin is still being driven by ETF flows and positioning rather than fear.
As of press time, Bitcoin price today is relatively steady, with Bitcoin today hovering around $69,863 and Ethereum (ETH▼$1,621.56) near $2,154, per data from CoinGecko.
Bitcoin Price Supported by Strategy, ETF Flows
Institutional support is also backing Bitcoin price. Spot Bitcoin ETF inflows totaled roughly $1.32 billion in March, marking the first positive month after four consecutive outflows, data from SoSoValue shows.
As for Ethereum, spot Ethereum ETFs have seen five months of outflows in a row, and April looks set to become the sixth negative month for the second-largest cryptocurrency by market cap.
Michael Saylor’s Strategy also resumed accumulation, even hinting at further purchases, reinforcing the market bid. Tom Lee’s BitMine also added more ETH, bringing its holdings to about 4.73 million ETH, now owning 3.92% of the ETH token supply.
So far, the market doesn’t seem to be pricing “an imminent escalation scenario in which Trump triggers another global supply shock, a recession, and a catastrophic humanitarian crisis ‘all wrapped up in one,'” the analysts say.
