Key Highlights
- Bitcoin breached the $73,000 threshold, hovering between $72,500 and $73,187 during Thursday’s trading session
- Spot Bitcoin ETFs in the United States attracted $155M on Wednesday, part of a $1.47B capital influx spanning 14 days
- Legendary trader Peter Brandt indicated the current price movement could represent a trend shift from October’s all-time high
- Bitcoin has outpaced gold’s performance following Iran strikes, climbing more than 10% as gold dropped nearly 2%
- Glassnode blockchain analytics reveal a cautionary signal: approximately 57% of BTC holdings are currently profitable
The leading cryptocurrency has successfully reclaimed territory above $70,000 throughout this week, peaking at $73,544 during Asian market hours before experiencing a modest retreat to approximately $72,500 by Thursday morning in London.
This upward trajectory comes alongside a comprehensive recovery across risk-sensitive assets following turbulence triggered by U.S. and Israeli military operations targeting Iran over the past weekend.
The digital asset registered an 8% gain on Wednesday during American trading sessions before declining 1.8% on Thursday. Meanwhile, South Korea’s Kospi index soared 11% and Japan’s Nikkei climbed 4.2% during the same timeframe, suggesting a broader market recovery.
Bitcoin’s Coinbase premium indicator — which had dipped into negative territory on Sunday — has now flipped positive. Market analyst Ted Pillows observed it hitting its strongest reading since October 2025, indicating robust demand from American institutional players.
“We’re witnessing a shift back toward bullish sentiment across the cryptocurrency ecosystem,” said Caroline Mauron, co-founder of Orbit Markets.
From the day preceding the Iran military strikes, Bitcoin has appreciated by over 10%. During this identical window, gold declined nearly 2%. This marks a departure from recent months’ pattern, during which gold consistently reached new all-time highs while Bitcoin experienced downward pressure.
Sustained ETF Capital Inflows Continue
Spot Bitcoin exchange-traded funds in the United States recorded approximately $155 million in net positive flows on Wednesday. This continues a 14-day pattern amounting to roughly $1.47 billion in fresh capital allocations, based on SoSoValue tracking data.
According to SoSoValue, on March 3rd (ET), the total net inflow for Bitcoin spot ETFs was $225 million, with BlackRock’s ETF IBIT leading the inflow at $322 million. Ethereum spot ETFs saw a total net outflow of $10.75 million, while BlackRock’s ETF ETHA led the inflow with… pic.twitter.com/QblTSy2T4b
— Wu Blockchain (@WuBlockchain) March 4, 2026
March alone has witnessed over $1.1 billion flowing into U.S. Bitcoin ETF products, with a single-day record of $462 million, according to Bloomberg’s compiled figures.
Bitfinex’s research team has highlighted that ETF inflows don’t necessarily correlate one-to-one with immediate spot market purchases, since authorized participants possess the ability to generate ETF shares ahead of acquiring the actual Bitcoin backing.
Legendary Trader Brandt Signals Potential Reversal
Market veteran Peter Brandt, who has held a bearish perspective since October’s peak around $127,500, shared on X this week that current market structure might represent “the significant change of price behavior since the top in Oct.”
Bitmine chairman Tom Lee responded directly to Brandt’s assessment, characterizing it as a “potential inflection/change Bitcoin” turning point.
I view this as potentially the significant change of price behavior since the top in Oct@BitcoinLive1 report forthcoming at https://t.co/B21biKQ8fC pic.twitter.com/gHEXGfaC4x
— Peter Brandt (@PeterLBrandt) March 4, 2026
Market commentator Milk Road highlighted $225.2 million in ETF inflows on a single day combined with $458.2 million the previous session — totaling nearly $700 million across 48 hours — suggesting this volume could fundamentally alter supply-demand equilibrium.
Key resistance zones are positioned between $75,000 and $78,000. Critical support thresholds remain at $65,000 and $60,000.
Despite the positive price momentum, Glassnode’s on-chain analytics indicate that merely 57% of Bitcoin circulating supply currently trades above its acquisition cost — a metric historically associated with early-stage bear market phases. The average cost basis for short-term holders hovering near $70,000 may function as resistance, potentially transforming rallies into selling opportunities.
U.S. Treasury Secretary Scott Bessent announced that a 15% worldwide tariff implementation will likely commence this week, presenting potential headwinds for financial markets.
