SINGAPORE, March 9, 2026, 17:29 GMT+8
Bitcoin steadied just shy of $68,000 on Monday, clawing back from a steep drop earlier in the session. It was last quoted at $67,954, up 0.2% after touching lows of $65,688. Ether managed a firmer gain, tacking on 1.7% to $2,002.
Crypto’s direction is once more tied to macro signals. Brent crude hit $119.50 a barrel, Nasdaq 100 futures slipped 1.65%, and traders pulled back expectations for imminent Federal Reserve rate cuts with U.S. inflation numbers due Wednesday and the Fed’s meeting set for March 18.
The squeeze comes as fresh U.S. spot bitcoin ETF numbers swing into the red. According to Farside Investors, net outflows hit $348.9 million on March 6 following $227.9 million pulled a day earlier. These ETFs, which hold bitcoin directly, saw more cash heading out than in.
Iliya Kalchev, analyst at Nexo, pointed out that oil pushing past $100 a barrel has pushed up inflation expectations, cutting into any optimism for rate cuts soon. Tighter financial conditions, he added, have more to do with investors wanting extra protection for riskier bets than with any direct policy shift.
Wider markets carried a bleak tone. Tony Sycamore, market analyst at IG, pointed to the Middle East conflict, saying there’s “no obvious offramp.” Helima Croft of RBC Capital Markets labeled the situation the “worst oil supply shock since the 1970s.” Reuters
Bitcoin bounced slightly after oil retreated from its highs, but prices remained up over 15% on Monday. According to a French government source, G7 finance chiefs are set to weigh a coordinated release of emergency oil reserves, with the International Energy Agency expected to take part in the discussions.
Bitcoin surged past $126,000 in early October, only to pull back a few days later. The recent bout of liquidations, alongside big moves in stocks and metals, has exposed just how much crypto is now caught up in the same waves rocking other volatile markets.
The setup remains fragile. Investors were already on edge after U.S. labor data in February came in weaker, revealing surprise job losses and a bump in unemployment. Oil, too, is primed for volatility—Kpler’s Muyu Xu flagged a “perfect storm” scenario where persistent disruption in the Strait of Hormuz could push prices as high as $130 to $150 a barrel if it drags on for another week or two. A fast crude pullback, or softer inflation numbers, would give bitcoin some breathing room. Reuters
