Cryptocurrency Market Analysis [March 10]
1. Correlation Between International Affairs and Crypto Asset Markets: BTC Recaptures the $70k Level
At the G7 energy ministers' meeting, concerns over possible disruptions in energy supply due to tensions surrounding Iran led to concrete discussions about the potential release of strategic oil reserves.
These geopolitical risks and macroeconomic uncertainty, ironically, have reinforced the value of Bitcoin as "digital gold."
Following this news, Bitcoin (BTC) showed a strong rebound, neatly reclaiming the key $70,000 level. It rose 2.7% over the past 24 hours, signaling an improvement in investor sentiment.
Bitcoin Daily Chart
The altcoin market followed suit, with Ethereum (ETH) and Solana (SOL) up about 4% each, ETH reaching $2,020 and SOL reaching $85. Ripple (XRP) also increased by 1.7%.
Ethereum Daily Chart
The total market capitalization of crypto assets increased by 2.7% due to the rally of these major coins, expanding to around $2.43 trillion.
Among individual assets, Hyperliquid (HYPE) surged an astonishing 12%, while privacy coin Zcash (ZEC) and AI-related Bittensor (TAO) rose 9%, continuing active sector-wide interest. On the other hand, there was a $349 million outflow from Bitcoin spot ETFs on Friday, indicating some cautiousness among institutional investors.
2. Extreme Oil Market Volatility: The Doomsday Result of Trump’s Remarks
This week’s oil market experienced unprecedented volatility that unsettled market participants. On Monday, West Texas Intermediate (WTI) crude had the largest single-day price move on record, at $38.29.
Behind this were physical supply risks due to the Strait of Hormuz, compounded by real-time posts from President Trump on social media, which to some extent injected fuel into gasoline. At one point, crude prices surged nearly 30%, reaching the $120 level for the first time since 2022. Wall Street analysts warned of a supply shock and immediately raised their target prices to $150.
However, the frenzy did not last. As the physical balance was calmly analyzed, the afternoon session saw all gains given back, in a classic “move and counter-move.” Ultimately, WTI closed the week down 4% from Friday’s close, marking a very dramatic week.
3. Hyperliquid's Rise: Oil-linked Futures Dominate the Market
On the decentralized derivatives exchange Hyperliquid, perpetual futures linked to crude oil have attracted explosive attention. Amid escalating Middle East tensions, hedging activity and speculative funds flooded in, pushing trading volume to an extraordinary 60 times normal levels.
This surge pushed trading volume within Hyperliquid to briefly surpass Ethereum (ETH), quickly ranking as the second-largest after Bitcoin, proving that on-chain financial products are becoming a new pillar of the market.
4. Investor Trends and the Mining Milestone
Capital inflows into digital assets remain solid. Last week, net inflows into digital asset investment products reached $619 million. Within this, BTC saw $521 million, ETH $89 million, SOL $15 million, while XRP experienced outflows of $30 million, indicating mixed fortunes across currencies.
Also notable are the following two topics:
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