Bitcoin's price surpassed $70,000, recovering from recent declines, driven by strong ETF inflows and market resilience despite economic uncertainties.
On March 10, Bitcoin's price surged beyond the $70,000 mark, marking a recovery from a recent downturn.
The resurgence in Bitcoin's value coincided with a drop in oil prices, which fell to $93, and a rise in stock indices. Market maker Enflux noted that Bitcoin demonstrated resilience against significant volatility in the commodity markets, outperforming traditional stocks during this period.
Investor Interest and ETF Growth
Investment in Bitcoin ETFs has seen a substantial uptick, with approximately $568 million flowing into U.S. spot Bitcoin ETFs in the last week alone. The cumulative inflow into these ETFs has now exceeded $55 billion.
Despite disappointing macroeconomic indicators in the U.S., including a report of 92,000 job losses, demand for Bitcoin remains robust. Ryan Kirkley, head of Global Settlement, pointed out that the recent price drop has opened up favorable entry points for institutional investors.
Additionally, analysts from Glassnode have observed a stabilization in the market, indicating a growing demand for funds and a resurgence in profitability. The likelihood of Bitcoin reaching $75,000 by the end of March has increased from 34% to 55% on Polymarket.
Altcoin Performance
Other major cryptocurrencies followed Bitcoin's upward trend. Ethereum broke through the $2000 mark, rising to $2046, with analysts suggesting it must maintain above $2500 to confirm a sustained upward trajectory.
Solana also saw a 3.4% increase, reaching $86.49, although it remains significantly below its all-time high of $293.31. As the meme-token segment experiences declining activity, Solana's performance is becoming increasingly influenced by broader economic trends.
Other notable cryptocurrencies include:
- BNB, which rose 3.4% to $644;
- XRP, up 2.3% to $1.38, maintaining a trading range between $1.3 and $1.45 throughout March.
The upcoming Federal Reserve meeting on March 17-18 will be crucial, as Bitcoin's correlation with the S&P 500 index has reached 0.78, the highest level since mid-2022. This connection suggests that any signals from regulators about potential interest rate hikes could lead to a sell-off in digital assets.
Decrease in Leverage
Amidst the prevailing economic uncertainty, analysts, including one known as Darkfost, have reported a notable decline in the use of leverage among investors. Since February, Bitcoin's Estimated Leverage Ratio on Binance has dropped from 0.198 to 0.152, indicating a significant reduction.
"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." — Darkfost (@Darkfost_Coc) March 9, 2026
The current market instability has led to a decrease in interest in high-risk assets, reflected in the leverage ratio drop, which is calculated by comparing open interest in futures to the volume of cryptocurrency reserves on Binance. Investors are either voluntarily closing margin positions or being liquidated, leading to a rapid decline in open interest and significant deleveraging in the derivatives market.
Should the leverage ratio not rise as Bitcoin stabilizes, the spot market will likely become the primary price driver. Darkfost emphasized that phases of deleveraging are generally beneficial for the industry, as reducing borrowed funds alleviates systemic pressure and aids in price stabilization before new trends emerge.
On March 9, Darkfost also indicated that rising oil prices could negatively impact Bitcoin's performance.
