Key Moments
- Bitcoin dropped 2.9% to $66,465.7, moving lower within its recent trading range.
- Risk-sensitive assets, including cryptocurrencies and equities, declined after President Trump signaled intensified U.S. military action against Iran in the coming weeks.
- Bitcoin spot ETFs recorded a $1.2 billion net inflow in March, their first monthly inflow since October, despite Bitcoin remaining down 24% in 2026.
Geopolitical Escalation Pressures Bitcoin and Risk Assets
Bitcoin moved lower on Thursday, extending weakness across the cryptocurrency space and other risk-focused assets after U.S. President Donald Trump indicated that military operations against Iran were set to intensify in the coming weeks.
The largest cryptocurrency retreated after a relatively constructive start to April, but continued to trade within the range that has characterized most of its performance this year.
By 01:29 ET (05:29 GMT), Bitcoin was down 2.9% at $66,465.7.
Trump Signals Stronger U.S. Military Action Against Iran
Market sentiment deteriorated after Trump stated on Wednesday evening that the United States planned to ramp up military pressure on Iran over the next two to three weeks, saying Washington was nearing its strategic objectives.
“We’re going to hit them extremely hard over the next two to three weeks,” Trump said, reiterating the need to hamper Iran’s nuclear capabilities.
Trump also urged Iran to agree to a deal or face U.S. strikes on its energy infrastructure – a warning he had issued multiple times during the conflict.
The president’s latest remarks undercut expectations for a potential cooling of tensions in the Iran war, following earlier comments this week that had been interpreted as suggesting a possible military pullback.
Iran, earlier in the week, rejected reports that it had initiated contact with the United States regarding a ceasefire, stating that no direct negotiations had occurred since the conflict began over a month ago.
Following Trump’s comments, risk-oriented assets weakened broadly, with Asian equity markets and U.S. stock index futures both recording sharp declines.
Bitcoin ETF Flows Turn Positive After Months of Outflows
Bitcoin exchange-traded funds saw a shift in investor flows in March, with data from SoSoValue showing that the products posted their first monthly net inflow since October.
Spot Bitcoin ETFs registered a combined net inflow of $1.2 billion in March, reversing four consecutive months of sustained outflows. This return of capital into spot ETFs occurred even as Bitcoin had fallen as much as 50% from its October record high.
In March, Bitcoin outperformed many other speculative assets, delivering modest gains while several other areas of the market, including stocks and precious metals, recorded substantial losses. Despite this relative strength, Bitcoin remained down 24% in 2026 and has largely hovered near the $60,000 level for much of the year.
| Metric | Detail |
|---|---|
| Bitcoin price (01:29 ET / 05:29 GMT) | $66,465.7 |
| Bitcoin daily move | -2.9% |
| Bitcoin spot ETF net flow (March) | $1.2 billion inflow |
| Bitcoin performance in 2026 | -24% |
Altcoins and Memecoins Slide as Risk Sentiment Weakens
The broader cryptocurrency complex also declined, as appetite for risk was hit by the prospect of prolonged hostilities involving Iran.
Ether, the second-largest cryptocurrency by market value, fell 4.7% to $2,049.22, while XRP dropped 3.6% to $1.3139.
Major altcoins such as Solana, Cardano, and BNB registered losses in a range between 4% and 7%.
Memecoins were also under pressure. Dogecoin declined 4.6%, while $TRUMP retreated 5.6%.
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