Despite ongoing tensions in the Middle East, the crypto market continues to show remarkable resilience.
In addition to the ongoing war, other major crypto stories from the past 48 hours include strong XRP ETF flows and Hyperliquid’s expansion into prediction markets.
Here’s a full rundown of the top headlines that have shaped the crypto markets today.
Bitcoin remains stuck at $70,000 while oil stabilizes
Bitcoin extended its price recovery to almost 10%, reaching the $70,000 mark earlier this week, while oil prices fell from over $100 to $85 this weekend.
This week’s aid meeting followed the findings of the International Energy Agency (IEA) plans to tap its vast oil reserves as the blockade of the Strait of Hormuz expands.
Despite BTC’s recovery and speculation about a behind-the-scenes effort to end the US-Israel war against Iran, the market remained overly fearful.
According to the Crypto Fear and Greed Index (CFGI), the market was still in the deep’extreme fear‘of 15.
In other words, traders were not in full risk mode and were likely waiting for a clear resolution of the West Asian crisis before re-entering the market.
‘Superfans’ Boost XRP ETFs to $1.4 Billion
Spot XRP ETFs also made headlines for their resilience, with as much as $1.4 billion in revenue cumulative flows since they debuted last November.
Interestingly, XRP fell more than 40% during the same period, amid a broader bear market. Still, the products held up quite well, comparable to spot SOL ETFs.
In the same response, Bloomberg ETF analyst Eric Balchunas says said,
Traditionally, inflows are virtually impossible for ETFs with reverse shiny object momentum, and especially if they are brand new. I suspect this is largely XRP superfans versus casual retail.
However, SOL ETFs are almost evenly split between institutions and retail investors. XRP ETFs, on the other hand, are mainly held by retail investors, with institutions accounting for 16% of investments, recent 13F filings show.
Hyperliquid’s HIP-4 goes live on testnet
Finally, Hyperliquid HIP-4 has gone live on the testnet, bringing the popular DEX closer to its vision of prediction markets.
Following the successful rollout of HIP-3 (real-world assets, RWA, tokenization), which boomed amid ongoing geopolitical tensions, Hyperliquid set its sights on prediction markets and options market support through HIP-4.
Non-crypto assets via HIP-3 now generate more than 30% of Hyperliquid’s volume. It is unclear whether HIP-4 will replicate the success of HIP-3. That said, Coinbase analyst Colin Basco noted the HYPE price could move higher if the USD 35 resistance is cleared.
Looking ahead, the market will shift focus to the China-US preparatory meeting on March 14-15, ahead of the summit between President Xi Jinping and Donald Trump at the end of this month. The outcome of the meetings would set the tone for the macro and geopolitical landscape.
Final summary
- Bitcoin’s recovery was fueled by the softening of energy markets, but its value remained stuck at $70,000.
- XRP ETFs have shown resilience, with a record $1.4 billion in cumulative flows, driven primarily by retail.