Bitcoin (BTC) climbed above $71,000 on Mar. 3 as U.S. spot ETFs recorded $225M in net inflows led by BlackRock's IBIT fund, even as a stronger dollar and broad risk aversion across global equity markets failed to dent the cryptocurrency's renewed momentum.
What Happened: BTC Clears $70K
The rally came amid unusual market conditions. Global equities reflected persistent risk aversion, and precious metals — silver in particular — were declining, raising the possibility that some capital leaving those markets rotated into BTC.
Since the U.S. attack on Iran, Bitcoin has gained roughly 10% after an initial drop to around $63,000 in the immediate aftermath. Dollar strength, which typically pressures crypto, did not trigger a selloff this time.
One explanation is that the crypto market had already been heavily oversold, reducing its correlation with broader risk assets.
Meanwhile, the unwinding of momentum trades, including positions in memory-chip suppliers, also failed to drag BTC lower.
On the ETF side, SoSoValue data showed U.S. spot Bitcoin ETFs pulled in a combined $225M in net inflows on Mar. 3. BlackRock's iShares Bitcoin Trust led with $322M in daily inflows, bringing its cumulative net total to $586M.
Valkyrie's BRRR fund added $11.57M. Fidelity's FBTC, however, saw the day's largest outflow at $89.29M, partially offsetting gains elsewhere.
Total net asset value across all U.S. spot Bitcoin ETFs now stands at $87.58B, representing 6.42% of Bitcoin's market capitalization. Cumulative historical net inflows have reached $55.48B.
BTC is trading near the upper range of its consolidation channel. The key test sits around $76,000, where the EMA50 has acted as resistance since autumn — notably in early Oct. 2025 and mid-Jan. 2026.
A breakout above that level could push the price toward $90,000. A rejection within the $70,000–$76,000 range, on the other hand, could send it below $60,000.
Also Read: Dogecoin Falls Under $0.0950 With Bears Leading
Why It Matters: Institutional Conviction Holds
Despite outflows from individual funds like Fidelity's FBTC, the overall net positive flow signals that institutional investors continue allocating capital to Bitcoin through regulated products. BlackRock's dominance in daily inflows underscores that the largest asset manager in the world remains the primary gateway for institutional BTC exposure.
The resilience above $70,000 in the face of a strong dollar and geopolitical uncertainty marks a departure from historical patterns where macro headwinds reliably dragged crypto lower.
That BTC absorbed these pressures without a sharp correction suggests the oversold conditions heading into the rally provided a floor.
Competition among ETF providers is intensifying as flows shift between issuers, with smaller funds like Valkyrie's BRRR beginning to attract fresh capital. The ETF market now accounts for more than 6% of Bitcoin's total market cap, making institutional fund flows an increasingly significant driver of price action.
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