"Bitcoin Instead of Cash"... Whales Scoop Up Amid War Fears

▲ Bitcoin

The virtual asset market, led by Bitcoin (BTC), is showing a broad upward trend, supported by geopolitical risks stemming from the Middle East and a technical rebound. As tensions between the United States and Iran escalate once again, Bitcoin has demonstrated its presence as a safe-haven asset alongside gold, stimulating overall market sentiment.

According to BeInCrypto, as of the 20th, Bitcoin’s price is approaching the $68,000 level, demonstrating strong resilience. After recently testing support around $66,000, Bitcoin rebounded successfully as bargain-buying inflows increased amid growing uncertainty in the Middle East. Virtual asset analyst Aaryamann Shrivastava commented, “The simultaneous surge in gold prices and Bitcoin indicates that the market is recognizing it as a risk-hedging instrument.”

Another factor driving the market’s rise was options expirations and large-scale position shifts. With approximately $2.5 billion worth of crypto options set to expire, market volatility has expanded. Some analysts suggest that sizable bets placed around the $40,000 level heightened market tension and ultimately induced buying pressure. In this process, a series of short liquidations acted as a catalyst for further price gains.

Positive signals are also emerging on the policy front. News that the White House and major banks have resumed discussions on stablecoin compensation has raised expectations for greater institutional integration. In particular, as discussions surrounding the U.S. crypto market structure bill (CLARITY) gain traction, optimism is spreading that market transparency and stability will be strengthened. Caitlin Long, CEO of Custodia, recently assessed that these policy shifts will support the long-term growth of the virtual asset market.

Bitcoin’s rebound has also led to gains in major altcoins such as Ethereum (ETH) and XRP. Ethereum has recovered to the $1,950 level after recent declines and is attempting to stabilize, while XRP is demonstrating solid support as bullish sentiment on social media reached its highest level in five weeks. Notably, Japan’s Metaplanet continues to pursue additional Bitcoin purchases, reinforcing the growing trend of corporate adoption of Bitcoin as a standard asset.

The virtual asset market is currently in the process of confirming a short-term bottom amid a combination of geopolitical tensions and institutional progress. However, as outflows from U.S. spot Bitcoin ETFs continue and macroeconomic uncertainty persists, investors are closely monitoring key resistance levels and real-time supply and demand conditions.

Disclaimer: This article is for investment reference only and the publisher is not responsible for any investment losses incurred based on it. The content should be interpreted for informational purposes only.