Bitcoin's price surge surpasses $72,000, fueled by a two-week influx of $155 million into spot Bitcoin ETFs. This trend coincides with Glassnode's warning that underlying demand remains fragile, adding a layer of complexity to the market's dynamics. Despite this, Bitcoin's resilience during geopolitical tensions highlights its growing macro relevance as a geopolitical hedge rather than just a risk asset, according to Bitfire CEO Livio Weng. However, on-chain data from Glassnode suggests caution, indicating a significant weakening in buy-side momentum and a potential behavioral ceiling near $70,000 for short-term holders. Meanwhile, the crypto market experiences a broader rally, with Ether, Solana, and XRP surging 8% as war fears ease and global equities rebound, attracting $700 million into U.S. spot Bitcoin ETFs since March. This surge extends across major cryptocurrencies, with notable gains in Ether, Dogecoin, and Solana, while Tron lags behind. The market's response to the Iran-Israel conflict appears to be stabilizing, with oil prices retreating and investors reassessing the potential for a worst-case regional escalation.
