Spot Bitcoin exchange-traded funds absorbed $1.1 billion in net inflows over three trading sessions. The surge pushed Bitcoin toward the $74,000 level as geopolitical tensions intensified across the Middle East.
Data compiled by Farside Investors and CoinGlass shows the inflows occurred between March 2 and March 4. On March 4 alone, spot ETFs attracted $461.9 million in fresh capital. BlackRock’s iShares Bitcoin Trust led the session with $306.6 million in net inflows.
The buying followed weeks of persistent outflows that had pressured sentiment earlier in the year. Still, Bitcoin advanced to roughly $73,000 on Thursday, leaving the asset about 6% higher on the week.
Are Investors Treating Bitcoin As A Safe Haven Again?
The inflow surge arrives during a volatile macro backdrop. Escalating tensions involving the U.S., Israel, and Iran have unsettled equity markets while commodities such as oil and gold recently retreated from highs.
Cross-asset behavior is drawing attention from analysts. While equities and the U.S. dollar have swung alongside geopolitical headlines, Bitcoin has maintained an upward trend. That divergence has revived debate about whether the asset behaves more like a technology-linked risk trade or a store-of-value alternative.
“Bitcoin has rallied past $71,000 as gold and oil have retreated from recent highs,” said Nic Puckrin, a former quantitative analyst at Goldman Sachs. “What’s more interesting is the return of large ETF inflows even as global equity markets remain volatile.”
Puckrin said the flows could indicate institutional allocators are reconsidering Bitcoin as a geopolitical hedge rather than a purely speculative asset. According to Glassnode, the 14-day net flow trend for spot Bitcoin ETFs has recently turned positive after a prolonged period of outflows.
Other analysts see broader macro forces shaping the narrative. Currency markets have shown limited demand for the U.S. dollar despite geopolitical stress, weakening a traditional safe-haven signal and leaving room for alternative assets to capture flows.
Whether the safe-haven thesis holds may depend on sustained ETF demand. The next catalyst will be upcoming daily flow data as Bitcoin attempts to consolidate above the $70,000 threshold while institutional allocations stabilize.
