Strait of Hormuz Closure Report Spurs Bitcoin ETF Inflows
Iran's Revolutionary Guard commander reportedly declared the Strait of Hormuz 'closed,' a statement confirmed by Reuters. This declaration occurred amidst escalating U.S./Israel-Iran tensions, a critical context for global oil transit. Concerns regarding a prolonged conflict in Iran were noted across the broader crypto market, with the composite Fear & Greed Index registering 0/100, signifying extreme fear.
BlackRock's IBIT ETF was a primary contributor, acquiring approximately $767.47 million worth of Bitcoin (11,054 $BTC). This contributed to a $3.9 billion volume surge, the largest observed in five months. Total $BTC ETF inflows reached $962.48 million across March 2 and 3. None of the 12 spot Bitcoin ETFs experienced outflows during this period.
Bitcoin's price increased 3.35% over 24 hours and 7.97% over seven days, reaching $68,143.00. Market sentiment surrounding $BTC showed resilience, with positive sentiment reaching its highest level since February 6. Overall $BTC sentiment registered 67.0% bullish, within its typical 65-75% baseline range. The $BTC long/short ratio stood at 69% long, and the token's mindshare saw a 3.0% change.
US Bitcoin Regulation Final Text Nears, Senate Vote Weeks Away
US Bitcoin market structure regulation is reportedly "very close" to its final text, according to a White House reporter. Senate passage of US Bitcoin market structure regulation is anticipated within weeks, with further clarity expected this month.
Trump Executive Order Rumored for U.S. Bitcoin Reserve
Speculation circulates regarding a potential executive order from Donald Trump to establish a U.S. Strategic Bitcoin Reserve.