Finance News
By Bruce Buterin
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Bitcoin smashed through $70,000 this week after a wild ride triggered by Middle East chaos and oil prices going nuts.
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Crude oil rocketed past $100 per barrel when shipping lanes got disrupted, sending shockwaves through every market you can think of.
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Glassnode tracked nearly 600,000 BTC changing hands between $60,000 and $70,000 - that's over $40 billion worth of Bitcoin moving around in just two weeks.
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The activity created what analysts call an ownership cluster. About 1.558 million BTC now sits in that $60,000 to $70,000 range, way more than at the start of the year.
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Data from Checkonchain shows the split pretty clearly - roughly 60% of circulating bitcoin is profitable right now, while 40% was bought above $70,000.
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U.S. spot bitcoin ETFs pulled in around $568 million last week, breaking a five-week losing streak. These funds now hold over $55 billion in total inflows, according to SoSoValue.
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Market maker Enflux pointed out something interesting during the oil shock - Bitcoin held up better than most assets.
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Then Trump opened his mouth about Iran. See also: Bitcoin Hits New Institutional Milestone as.
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The president hinted at possible de-escalation on Monday, and oil prices dropped fast. Stocks bounced back, and risk assets got a boost across the board.
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Nasdaq dropped some big news too. The exchange giant teamed up with Payward, Kraken's parent company, to launch tokenized stocks.
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The target launch is first half of 2027, assuming regulators play ball. Jesse Powell, Payward's CEO, seems confident about bridging traditional finance with crypto markets.
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MicroStrategy wasn't sitting idle either. The company dropped $1.28 billion on 17,994 more bitcoins last week, bringing their total stash to 738,731 BTC.
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Trading volumes spiked across major exchanges. Binance saw Bitcoin volume jump 25% compared to the previous week, while Coinbase reported similar trends.
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JPMorgan analysts noted Bitcoin's quick recovery after the oil shock suggests the asset is maturing.
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Glassnode analysts think the recent on-chain activity points to a consolidation phase. All that Bitcoin changing hands between $60,000 and $70,000 might be setting up a base for…
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