Analysis: Bitcoin bucked the trend and stabilized near $70,000 amid Middle East conflict and pressure on stock markets.

Despite the escalating conflict in Iran and pressure on global stock markets, Bitcoin's price has remained around $70,000, demonstrating strong resilience. Although market sentiment remains pessimistic, with the Crypto Fear & Greed Index consistently in the "extreme fear" range and the annualized funding rate for Bitcoin perpetual contracts remaining negative since early March, indicating rising bearish sentiment, Bitcoin's price has not seen a significant pullback. Meanwhile, the CBOE Volatility Index (VIX) rose to 25 this week, its highest level in over a year. Since the escalation of the Middle East conflict on February 28, Bitcoin has risen approximately 7%, outperforming most major assets: the Nasdaq-100 Index was essentially flat, the S&P 500 fell by about 1%, gold fell by about 3%, and silver fell by nearly 9%. Furthermore, BlackRock's iShares Bitcoin Trust (IBIT) rose about 1% during Wednesday's US trading session, while major stock indices such as the Dow Jones Industrial Average generally declined, highlighting Bitcoin's relative resilience in a volatile market environment. Analysts believe that the continued accumulation of Bitcoin by large traders and institutions through over-the-counter (OTC) transactions is a key reason for price stability. (CoinDesk)