TLDR
- BTC experienced a 0.5% decline to approximately $69,583 during Wednesday’s Asian session
- The cryptocurrency momentarily surged past $70K on Tuesday following Trump’s optimistic Iran remarks
- Wednesday’s US inflation data release may influence Federal Reserve policy and cryptocurrency market mood
- Spot Bitcoin ETFs recorded $251 million in net inflows on March 10
- The Crypto Fear & Greed Index maintains a reading of 15, staying in “extreme fear” zone
The leading cryptocurrency retreated beneath the $70,000 threshold during Wednesday’s Asian trading hours, declining 0.5% to reach $69,583.5 as of 01:55 ET. This downturn followed a temporary spike above $70,000 witnessed during the previous session.
Tuesday’s upward momentum received support from statements made by President Donald Trump, who indicated the Iranian conflict might conclude “pretty much” soon. These remarks temporarily boosted market confidence and enabled Bitcoin to rebound from the mid-$60,000 levels observed earlier this week.
Subsequently, Trump communicated via Truth Social that the United States would escalate military operations if Iran disrupted oil supplies. Military engagements involving American, Israeli, and Iranian forces near the Gulf region have persisted.
🚨 BREAKING — PRESIDENT TRUMP SENDS NATION-ENDING ULTIMATUM TO IRAN
“If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far.
Additionally, we will take… pic.twitter.com/tl0DRl2nli
— Nick Sortor (@nicksortor) March 10, 2026
Crude oil valuations had surged toward $120 per barrel following the effective blockage of the Strait of Hormuz, disrupting critical maritime commerce routes. While prices retreated somewhat after Trump’s initial statements, they continue trading at heightened levels.
Analytics platform Santiment observed a swing toward optimistic sentiment regarding Bitcoin across social media channels on Tuesday. Favorable discussions increased on X, Reddit, and Telegram platforms following the president’s comments and the oil market correction.
🤑 Bitcoin sentiment has jumped back into FOMO territory after its market value exceeded $70K Tuesday. Across X, Reddit, Telegram, and other crypto-related discussions, the crowd is encouraged by Trump’s comments that the war may soon end, and oil prices reversing course. pic.twitter.com/S21cXOUM0F
— Santiment (@santimentfeed) March 10, 2026
Institutional Activity and Bitcoin ETF Capital Flows
Exchange-traded funds focused on Bitcoin spot holdings attracted $251 million in aggregate net inflows on March 10. Strategy, a prominent institutional BTC accumulator, acquired approximately 18,000 BTC during the previous week and completed an additional purchase this week.
On March 10, Eastern Time, the total net inflow into Bitcoin spot ETFs was $251 million, with no ETF experiencing net outflows. The Bitcoin spot ETF with the highest net inflow in a single day was the BlackRock ETF IBIT, which saw a net inflow of $186 million. Ethereum spot ETFs… pic.twitter.com/wGLkZmUBJD
— Wu Blockchain (@WuBlockchain) March 11, 2026
Merkle Tree Capital’s Chief Investment Officer Ryan McMillin observed that Bitcoin maintained support above its February low points and demonstrated strength despite geopolitical headwinds. He suggested short sellers might encounter pressure leading to a potential move toward $80,000.
Rachael Lucas, cryptocurrency analyst with BTC Markets, explained that breaking back above $70,000 openly triggers FOMO sentiment, identifying it as a crucial resistance threshold.
Market Sentiment Gauge Reflects Extreme Pessimism
Notwithstanding enhanced social media sentiment indicators, the Crypto Fear & Greed Index registered 15 on Wednesday, maintaining an “extreme fear” classification. Google Trends search interest for “Bitcoin” measured approximately 71, declining from the March 5 peak of 100.
$BTC monthly RSI is indicating that a cycle bottom hasn’t happened.
IMO, when monthly RSI drops below 40, a cycle bottom will occur. pic.twitter.com/QiBeSaz6zn
— Ted (@TedPillows) March 10, 2026
Wednesday afternoon brings the release of US Consumer Price Index data. These inflation metrics may reshape expectations regarding Federal Reserve monetary policy direction and impact risk-taking behavior within cryptocurrency markets.
Market participants are also monitoring developments surrounding the stalled CLARITY Act. Reports indicate US senators are investigating potential compromises regarding stablecoin yield regulations, a contentious issue dividing traditional banking institutions and cryptocurrency companies.
