On March 10, the price of the leading cryptocurrency rose above $70,000, recovering from the drop experienced over the weekend.

Hourly chart of BTC/USDT on Binance. Data: TradingView.

The recovery coincided with a decline in oil prices to $93 and an increase in stock indices. According to market maker Enflux, the cryptocurrency "easily withstood high volatility in the commodity market." During this period of instability, Bitcoin performed significantly better than traditional stocks.

Institutional Demand and ETFs

Capital inflow into the sector continues. Over the past week, investors poured approximately $568 million into U.S. spot Bitcoin ETFs. The total inflow into these products has surpassed $55 billion.

Source: SoSoValue.

Activity in the cryptocurrency market remained strong despite weak macroeconomic data from the U.S. Following reports of a loss of 92,000 jobs, investors began withdrawing funds from the S&P 500 index. Ryan Kirkley, head of Global Settlement, noted that for institutional investors, the drop in Bitcoin's price presented an opportunity for a favorable market entry.

Analysts from Glassnode also observe a stabilization in the industry: demand for funds is increasing, and profitability is returning. On Polymarket, the probability of Bitcoin rising to $75,000 by the end of March has increased from 34% to 55%.

Source: Polymarket.

Altcoin Dynamics

Major cryptocurrencies followed Bitcoin's lead and began to rise. Ethereum surpassed the psychological barrier of $2000, climbing to $2046 (+2.8% in a day). Analysts at FxPro believe that to confirm a sustainable upward trend, the coin must hold above $2500.

Source: CoinGecko.

Solana rose by 3.4% to $86.49. Despite this local increase, the asset is still trading 70.5% below its all-time high of $293.31. With declining activity in the meme-token segment, the "people's cryptocurrency" has become more dependent on the overall macroeconomic environment.

Other top-10 coins are also showing positive dynamics:

  • BNB increased by 3.4%, reaching $644;
  • XRP gained 2.3%, rising to $1.38. Throughout March, the asset has remained within a narrow range between $1.3 and $1.45.

The next test for the market will be the Federal Reserve meeting on March 17-18. The correlation between Bitcoin and the S&P 500 index has reached 0.78, the highest since mid-2022.

This high dependence on the stock market means that any signals from regulators regarding a potential interest rate hike could trigger a sell-off of digital assets.

Leverage Reduction

Amid macroeconomic uncertainty, investors are significantly reducing their use of borrowed funds, noted an analyst known as Darkfost.

🗞️Bitcoin leverage reset after market volatility

"Since February, Bitcoin’s Estimated Leverage Ratio on Binance has dropped from 0.198 to 0.152, representing a significant and rapid decline. This type of move is typically observed after periods of strong volatility and major… pic.twitter.com/q1MVOR5CZa

— Darkfost (@Darkfost_Coc) March 9, 2026

Instability in global markets is reducing traders' interest in risky assets. This trend is clearly reflected in the calculated leverage ratio for Bitcoin on Binance, which reflects the ratio of open interest in futures to the volume of cryptocurrency reserves on the platform.

Since February, this metric has fallen from 0.198 to 0.152. Such a rapid decline is typical during periods of high volatility. During this time, the price of Bitcoin adjusted from $96,000 to $69,000.

Sharp price fluctuations are prompting investors to exercise caution. Some traders are voluntarily closing margin positions, while others are forced out by liquidations. As a result, open interest is rapidly declining, and the derivatives market is undergoing significant deleveraging.

If the leverage ratio does not begin to rise amid Bitcoin's consolidation, the main driver of prices will be the spot market.

The analyst emphasized that deleveraging phases are beneficial for the industry. A reduction in the share of borrowed funds alleviates systemic pressure and stabilizes prices before a new trend forms.

Recall that on March 9, Darkfost identified rising oil prices as an unfavorable factor for Bitcoin.