Bitcoin Holds Near $70K as Oil Shock Triggers Massive On-Chain Accumulation

Bitcoin regained stability around the $70,000 level this week after a bout of volatility tied to geopolitical tensions and a surge in energy prices.

The cryptocurrency briefly slipped into the mid-$60,000 range during the weekend as global markets reacted to a sudden spike in crude oil. The disruption, linked to developments near the Strait of Hormuz, pushed oil prices above $100 per barrel and triggered a broader risk-off mood across financial markets.

During the initial sell-off, bitcoin declined alongside equities, but the drop was relatively short-lived. After dipping below $70,000, the asset managed to find support and gradually climbed back toward the $70,000 mark in early trading this week.

The correction sparked a significant wave of blockchain activity. Data from analytics firm Glassnode indicates that close to 600,000 BTC—valued at more than $40 billion—changed hands within the $60,000 to $70,000 range during the downturn. More than 200,000 BTC of that volume was transacted in just the past two weeks.

This surge in trading created a major concentration of ownership within that price band. Approximately 1.558 million BTC are now estimated to have last moved between $60,000 and $70,000, a notable increase from about 997,000 BTC recorded at the beginning of the year.

Market analysts say the buildup could establish a strong support zone for bitcoin, as a large number of investors now share a similar cost basis in that range.

At the same time, blockchain metrics suggest that about 60% of the circulating bitcoin supply is currently sitting in profit. The remaining 40% of holders, however, bought at prices above $70,000, illustrating how sharply entry points vary following the asset’s rapid rally earlier this year.

Institutional activity also played a role in shaping the market during the volatility. U.S. spot bitcoin exchange-traded funds saw around $568 million in net inflows last week, ending a five-week streak of withdrawals. Since launching earlier this year, the ETFs have collectively accumulated more than $55 billion in net inflows.

Despite the broader market turbulence caused by the energy shock, bitcoin proved relatively resilient compared to other risk assets. The cryptocurrency managed to stabilize in the mid-$60,000 range even as oil prices surged and equity markets declined.

Market sentiment improved again on Monday after remarks from U.S. President Donald Trump suggested that tensions involving Iran could ease sooner than anticipated. Oil prices retreated from weekend highs, and global equities recovered earlier losses, providing additional support for risk assets—including bitcoin.

While macroeconomic forces drove much of the recent price action, developments in capital markets are now drawing renewed attention within the crypto industry.