NEW YORK, March 3, 2026, 12:46 (EST) — Regular session.
- Bitcoin slipped roughly 1.3%, trading near $68,500, while oil prices climbed and global equities dropped.
- Spot bitcoin ETFs trading in the U.S. pulled in about $458 million in net inflows during the latest session, with BlackRock’s IBIT at the front of the pack.
- Middle East news, oil moves, and Friday’s U.S. jobs figures are all on traders’ radar as they look for the next catalyst for rates and risk appetite.
Bitcoin slipped 1.35% to $68,496.40 on Tuesday, hit by a jump in oil prices and a wave of selling across equities that saw investors pulling back from risk—even in round-the-clock markets. Reuters
It’s suddenly relevant: oil’s jump has put inflation squarely back on the table. Once traders sense inflation might stick around, higher interest-rate bets follow — and assets tied to cheap money, like bitcoin, usually feel the pinch.
Fund flows told the story: U.S. money market funds attracted $30.75 billion in new cash, according to LSEG Lipper data. The surge came as the Iran conflict ratcheted up, clouding growth prospects and price stability. Reuters
But crypto wasn’t moving all one way. U.S. spot bitcoin ETFs brought in $458.2 million in net inflows on Monday, with BlackRock’s iShares Bitcoin Trust (IBIT) accounting for $263.2 million of that, Farside Investors data show. Farside Investors
Nick Ruck, director at LVRG Research, described the shift in ETF flows as “a turning point,” noting that allocators saw these recent levels as an opportunity to get in. BTC Markets analyst Rachael Lucas added that this buying came even as retail sentiment was marked by “extreme fear.” Bitbo
Bitcoin finds itself squeezed by a pair of opposing forces: sudden jolts from energy markets and geopolitics on one side, and consistent ETF inflows on the other. One moment it feels like a defensive play, the next it’s trading in lockstep with tech names.
The risk is pretty clear. Should oil remain high, traders could delay expectations for rate cuts, leaving the dollar strong. That combination tends to sap liquidity from crypto, and with leverage up, forced selling becomes a real possibility.
Coming Friday, March 6 at 8:30 a.m. ET, investors will be watching for the February U.S. Employment Situation numbers. This report tends to jolt rate forecasts, with ripple effects that can move bitcoin as bond yields and the dollar react. bls.gov
