What happened in crypto today – West Asia crisis stalls Bitcoin & more

Despite the ongoing tensions in the Middle East, the crypto market continues to show remarkable resilience.

Beyond the ongoing war, other top crypto stories in the past 48 hours include strong XRP ETF flows and Hyperliquid’s expansion into prediction markets. 

Here’s a full breakdown of the top headlines that shaped crypto markets today. 

Bitcoin stalls at $70K as oil stabilizes

Bitcoin extended its price recovery to nearly 10% and topped $70K earlier in the week, as oil prices dropped from over $100 to $85 over the weekend. 

The relief rally this week followed the International Energy Agency’s (IEA) plans to tap its massive oil reserves if the Strait of Hormuz blockade extends. 

Despite the BTC rebound and speculation of a behind-the-scenes push to end the U.S.-Israel vs. Iran war, the market remained overly fearful.

According to the Crypto Fear and Greed Index (CFGI), the market was still in the deep ‘extreme fear’ of 15. 

Put differently, traders were not in a full risk-on mode and were probably waiting for a clear resolution of the West Asia crisis before re-entering the market.

‘Super fans’ lift XRP ETFs to $1.4B

Spot XRP ETFs also hit headlines for resilience, with a whopping $1.4 billion in cumulative flows since they debuted last November. 

Interestingly, over the same period, XRP dropped by over 40% amid a broader bear market. Yet, the products held pretty well, similar to spot SOL ETFs. 

Commenting on the same, Bloomberg ETF analyst Eric Balchunas said, 

However, SOL ETFs are split almost equally between institutions and retail investors. In contrast, XRP ETFs are primarily held by retail investors, with institutions accounting for 16% of holdings, according to recent 13F filings. 

Hyperliquid’s HIP-4 goes live on testnet

Finally, Hyperliquid HIP-4 has gone live on the testnet, bringing the popular DEX closer to its vision for prediction markets. 

After the successful rollout of HIP-3 (real-world assets, RWA, tokenization), which boomed amid ongoing geopolitical tensions, Hyperliquid set its eyes on prediction markets and Options market support via HIP-4. 

Non-crypto assets, through HIP-3, now drive over 30% of Hyperliquid’s volume. It is unclear whether HIP-4 will replicate the success of HIP-3. That said, Coinbase analyst Colin Basco noted the HYPE price could move higher if it clears the $35 resistance. 

Looking forward, the market will shift focus to the China-U.S. preparatory meeting on March 14-15, ahead of the President Xi Jinping and Donald Trump summit by the end of the month. The outcome of the meetings would set the tone for the macro and geopolitical landscape. 

Final Summary

• Bitcoin’s recovery was fueled by easing energy markets, but the asset stalled at $70K. 
• XRP ETFs have shown resilience, with a record $1.4B in cumulative flows, driven primarily by retail.