On March 2, American spot exchange-traded funds based on Bitcoin saw an influx of $458.19 million.
Source: SoSoValue.The leading fund was BlackRock's IBIT, which attracted $263.19 million. Seven other products, including ETFs from Fidelity and Grayscale, also ended the day in the green.
In January and February, clients withdrew over $1.8 billion from Bitcoin ETFs. However, last week marked a turnaround, with $787 million flowing back into these funds.
This week's figures confirm a renewed interest in the asset. BTC Markets analyst Rachel Lucas noted a shift in market sentiment. Large investors are increasing their positions, anticipating a global economic recovery, while smaller investors are experiencing "extreme fear."
According to Lucas, BlackRock's leadership indicates coordinated actions by pension funds and asset managers. Institutions are using cryptocurrency to diversify risks amid macroeconomic instability, buying dips without waiting for ideal market conditions.
Investment products based on altcoins also supported positive momentum. Spot Ethereum ETFs received $38.69 million in a single day.
Source: SoSoValue.Capital inflows into Solana and XRP amounted to $17.4 million and $6.97 million, respectively.
The cryptocurrency market reacted positively. At the time of writing, Bitcoin is trading at $67,314 (+2% in 24 hours), while Ethereum is at $1,966 (+1.3%).
15-minute BTC/USDT chart from Binance. Source: TradingView. 15-minute ETH/USDT chart from Binance. Source: TradingView.Downside Risks Persist
Analysts at Wintermute warn that despite the recent bounce, the crypto market remains fragile due to rising energy prices and structural changes in the global economy.
— Wintermute (@wintermute_t) March 3, 2026
Investors continue to shift capital into safe assets and commodities. Oil rose by 9%, temporarily exceeding $80 per barrel, while gold traded above $5,400. Meanwhile, stock markets opened lower, and the VIX volatility index reached its highest level since early 2026.
Source: Wintermute.Analysts have cautioned that high energy prices could lead to sustained inflation, prompting the Federal Reserve to delay interest rate cuts. Historically, such delays in monetary policy easing have exerted significant pressure on cryptocurrencies.
In the over-the-counter market, institutional activity remains low. Trading volumes have significantly decreased compared to the period when Bitcoin traded in the $85,000-95,000 range.
The derivatives market is experiencing a spike in volatility, with the DVOL index rising from 30-40 to 55. Options are pricing in daily price swings for the digital gold within 2.5-3%. Amid these movements, a consensus is forming: buying the asset when it dips to $55,000-59,000 offers the best risk-reward ratio over a 12-18 month horizon.
Wintermute emphasized that the market is currently driven by global macroeconomic factors rather than news from the crypto industry. If oil prices continue to rise and the Fed remains passive, interest in risk assets will likely continue to decline.
However, a crisis could accelerate the recognition of Bitcoin as "digital gold." If traditional safe assets become overheated with investor capital, some funds may flow into Bitcoin. Current trading volumes do not yet support this scenario, but analysts advise keeping a close watch on the market.
As a reminder, from February 23 to 27, inflows into crypto funds totaled $1 billion.