TLDR
- Bitcoin surged past $73,000, trading around $72,500–$73,187 on Thursday
- U.S. spot Bitcoin ETFs pulled in $155M on Wednesday, extending a two-week $1.47B inflow streak
- Veteran trader Peter Brandt said the price action may signal a trend reversal from October’s peak
- Bitcoin outperformed gold since the Iran strikes, rising over 10% while gold fell nearly 2%
- On-chain data from Glassnode flags caution: only ~57% of BTC supply is in profit
Bitcoin has climbed back above $70,000 this week, reaching a high of $73,544 during Asian trading hours before pulling back slightly to around $72,500 on Thursday morning London time.
The move follows a broader recovery in risk assets after market disruption caused by U.S. and Israeli strikes on Iran over the weekend.
The token rose 8% on Wednesday during U.S. hours before dropping 1.8% on Thursday. Korea’s Kospi jumped 11% and Japan’s Nikkei rose 4.2% on the same day, pointing to a wider market rebound.
Bitcoin’s Coinbase premium — which had slipped to a discount on Sunday — has reversed. Analyst Ted Pillows noted it reached its highest level since October 2025, pointing to buying pressure from U.S.-based investors.
“Sentiment is turning bullish again in the crypto world,” said Caroline Mauron, co-founder of Orbit Markets.
Since the day before the Iran strikes, Bitcoin is up more than 10%. Gold fell nearly 2% in the same period. That’s a reversal of the trend seen in recent months, when gold repeatedly hit record highs while Bitcoin fell.
ETF Inflows Extend Two-Week Streak
U.S. spot Bitcoin ETFs logged around $155 million in net inflows on Wednesday. That extends a two-week streak totaling roughly $1.47 billion in new allocations, according to SoSoValue data.
According to SoSoValue, on March 3rd (ET), the total net inflow for Bitcoin spot ETFs was $225 million, with BlackRock's ETF IBIT leading the inflow at $322 million. Ethereum spot ETFs saw a total net outflow of $10.75 million, while BlackRock's ETF ETHA led the inflow with… pic.twitter.com/QblTSy2T4b
— Wu Blockchain (@WuBlockchain) March 4, 2026
So far in March alone, investors have put more than $1.1 billion into U.S. Bitcoin ETFs, including $462 million on a single day, per Bloomberg data.
Analysts at Bitfinex have noted that ETF inflows don’t always translate directly into spot buying, as authorized participants can create ETF shares before sourcing the underlying Bitcoin.
Peter Brandt Shifts Tone
Veteran trader Peter Brandt, who had maintained a bearish outlook since October’s peak near $127,500, posted on X this week that the current setup could be “the significant change of price behavior since the top in Oct.”
Bitmine chairman Tom Lee also responded to Brandt’s post, calling it a “potential inflection/change Bitcoin” moment.
I view this as potentially the significant change of price behavior since the top in Oct@BitcoinLive1 report forthcoming at https://t.co/B21biKQ8fC pic.twitter.com/gHEXGfaC4x
— Peter Brandt (@PeterLBrandt) March 4, 2026
Analyst Milk Road pointed to $225.2 million in ETF inflows on one day and $458.2 million the day prior — nearly $700 million in 48 hours — and argued this could shift supply dynamics.
Immediate resistance sits between $75,000 and $78,000. Support levels are at $65,000 and $60,000.
Despite the rebound, Glassnode reported that only about 57% of Bitcoin supply is currently in profit — a level it historically links to early bear market conditions. The cost basis of short-term holders near $70,000 may act as a ceiling, turning rallies into distribution zones.
U.S. Treasury Secretary Scott Bessent said a 15% global tariff rate will likely begin this week, which could weigh on markets.
