Bitcoin Punches Through $70,000 as Oil Fever Breaks and Strategy Stacks $1.28B in BTC

Bitcoin (BTC-USD) showed its fighting spirit on Tuesday morning in East Asia, swinging back above $70,000. This rally follows a rough weekend where the coin took a hit, falling toward $65,000. The comeback happened as the oil fever cooled off. Crude prices had spiked earlier on fears of trouble in the Strait of Hormuz, but as those worries faded, Bitcoin found its footing. It steadied in the mid-$60,000s before climbing higher as the news cycle settled down.

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Strategy Goes Big on the Dip

While some were nervous, Strategy MSTR +4.06% ▲ , led by Michael Saylor, was busy buying. The company just pulled off its biggest purchase of the year, grabbing 17,994 Bitcoin for a cool $1.28 billion. They paid about $70,946 per coin on average. To fund this massive move, Strategy sold off a mix of common and preferred stock. They now hold a total of 738,731 Bitcoin, which is about 3.5% of all the Bitcoin that will ever exist.

Big Money Keeps the Floor Solid

Other big players are also showing up. Last week, etfs-hold-steady">U.S. Bitcoin ETFs pulled in $568 million, which came right after a massive $787 million the week before. In total, more than $55 billion has now flowed into these funds. Early numbers from Monday show another $57 million moving in, proving that institutional interest is still strong even with the war uncertainty.

What the Numbers Say

The market looks like it is finding a new balance, though some experts say the wow factor hasn’t fully returned.

“Overall, conditions are stabilizing, with momentum, ETF demand, and profitability metrics improving modestly,” analysts at Glassnode wrote in a recent report. “However, capital flows remain soft, speculative participation is limited, and broader conviction has yet to fully return.”

Bets on the future are also getting more ambitious. On the betting site Polymarket, the chance of Bitcoin hitting $75,000 this month jumped to 56% on Monday, a big leap from just 34% the day before. Trading firm Enflux also noted that Bitcoin handled the energy price shock better than many expected, holding up better than traditional stocks and even some usual safe hedges.

At the time of writing, Bitcoin’s price is sitting at $69,797.98.

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