Bitcoin climbs the wall of worry amid escalating Iran war and oil volatility

Bitcoin has remained stable around $70,000, demonstrating resilience despite deeply pessimistic market sentiment driven by the escalating Iran conflict and oil price volatility. Indicators like the Crypto Fear and Greed Index show extreme fear, and negative funding rates for perpetual futures suggest a bearish bias among traders, mirroring high fear on Wall Street (VIX jumped to 25). Since the conflict escalated on February 28, Bitcoin has gained about 7%, significantly outperforming the Nasdaq 100, S&P 500, gold, and silver. This outperformance, also seen during Wednesday's U.S. trading session where BlackRock's IBIT rose while major equity benchmarks fell, suggests that large traders and institutions are maintaining steady demand through private transactions, allowing Bitcoin to weather the broader financial landscape's apprehension.

(Source：CoinDesk)