Bitcoin traded through a familiar sequence after U.S. and Israeli strikes on Iran: a fast weekend drop, a rebound that started before traditional markets reopened, and then a cleaner weekday repricing once U.S.-linked liquidity came back online.
The operation was a major escalation, and cross-market positioning followed the script: energy higher, equity futures lower, and a renewed demand for “hard” hedges.
In commodities, Brent jumped into the low-$80s as traders priced disruption risk and U.S. equity futures slid as the conflict narrative expanded.
And in rates and FX framing, investors leaned toward gold and the dollar rather than long-duration bonds amid inflation and stagflation concerns tied to sustained energy prices.
Bitcoin’s path through the weekend played the same “24/7 risk barometer” role crypto has taken on in past geopolitics-heavy sessions.
The low was around $63,254 on Saturday, then rebounded above $67,000 and drifted back into the mid-$65,000s by early Monday.
However, unlike past sessions, this was a remarkably resilient response, and BTC was one of the few “risk-on” asset classes to surge at the U.S. market open on Monday.
During conflict-driven shocks, Bitcoin has not reliably traded as a haven, as promised. It stays open when other large-risk markets are closed, becoming a place where traders express fear, hedge, and then reverse when the first wave of positioning clears.
The structure behind that sequence has become more U.S.-centric as spot ETFs and CME-linked basis trading influence how price discovery settles during the work week. Weekends can still print the sharpest wicks because liquidity thins and news-driven urgency spikes.
But the week’s trend increasingly forms when U.S. cash and derivatives participants show up together.
Bitcoin performance per trading session. Blue = Asia, Orange = Europe, Green = USWeekend shock, weekday repricing
A clean way to describe the period since the strikes is “weekend shock, weekday repricing.” The shock phase tends to show up as an air pocket: traders react to fresh reports when many desks are lightly staffed, and there is no U.S. spot ETF session to anchor incremental demand.
Then the repricing phase arrives when U.S. hours reopen and flows re-enter through the channels that have grown most important since ETFs launched.
That flow channel is visible in the daily net creations and redemptions reported by the main U.S. spot bitcoin ETFs.
Flows have shifted from a notable outflow session to a run of inflows, then another strong inflow when the market reopened after the weekend.
| Date | US spot BTC ETF net flow (US$m) | Sign |
|---|---|---|
| Feb. 23 | -203.8 | Outflow |
| Feb. 24 | +257.7 | Inflow |
| Feb. 25 | +506.6 | Inflow |
| Feb. 26 | +254.4 | Inflow |
| Mar. 2 | +458.2 | Inflow |
Across the sessions, the net total is about +$1.27 billion, which helps explain why weekday repricing can look different from weekend action even when the underlying risk picture is unchanged.
In practice, a weekend dip can act as the first tradable release valve, while the Monday session becomes the point where positioning expresses itself through ETF creations, macro hedges, and cash liquidity.
That does not make every Monday rally “ETF-driven.” The Monday session has more ways to turn intent into size: spot ETF flows, CME positioning, and broader U.S. macro correlations. When those line up, price tends to move in straighter lines than it does during thin-liquidity weekend hours.
US hours and the ETF-CME feedback loop
One reason U.S. hours can set direction is that returns have begun to concentrate there even as Bitcoin trades continuously. Past Kaiko research found U.S. session returns actually exceeded APAC and London returns over the Jan. 2023–Dec. 2025 period.
For a market that used to lean heavily on offshore venues and Asia-led liquidity, that’s a notable shift in where the “decision session” tends to land.
Bitcoin’s “smart money” has historically shown up during Asia-Pacific hours rather than U.S. hours. Across multiple market stretches, analyses that split BTC returns by trading session have shown a recurring pattern: APAC hours contribute a disproportionate share of the net upside or steady drift, while U.S. hours more frequently coincide with drawdowns or macro-style risk-off selling.
The nuance is that “Asia” isn’t monolithic. Market microstructure research on price discovery has historically highlighted stronger influence from venues like Japan and offshore dollar markets, while retail-driven distortions (e.g., Korea’s premium episodes) don’t necessarily transmit into global price formation.
APAC hasn’t always outperformed, but those Asian hours repeatedly looked like the accumulation window, with U.S. hours behaving more like the volatility/macro swing window, until the regime flipped.
Bitcoin trading session returns. Blue = Asia, Orange = Europe, Green = USThe session overlay on the chart shows a clear reversal of the usual ‘Asia bid’ narrative: the strongest buying impulse is starting in U.S. hours, while Asia hours have recently hosted the heavier sell-side drift.
The biggest impulsive upside move on the chart happens during a U.S. session (green), with a sharp vertical rally into the ~70k area that occurs inside the large green block on the right half of the chart.
The most recent meaningful downdrift/flush is concentrated in the Asia session (blue) by a move from the high-68s/69k area down toward the current ~66.5k region, which largely plays out during the final blue block on the far right.
Europe (orange) looks more like a transition/continuation zone here, often bridging whatever trend was set in the prior session rather than cleanly reversing it.
Why is the US buying while Asia takes profit?
The work-week session blends spot ETF flow with CME hedging and basis trading. When ETF demand pushes spot higher, basis traders can respond through futures; when macro risk hits equities and rates, the same desks often express a view in bitcoin because it trades nearly around the clock and sits close to the center of “risk-on/risk-off” behavior during shocks.
Recent derivatives positioning data suggests leverage is not as eager to chase as it was at peaks. A CryptoQuant research note found that the CME basis has compressed, and CME bitcoin futures open interest has fallen about 47% from its peak, consistent with a leverage reset.
A reset can cut the odds of cascading liquidations, but it can also leave fewer marginal buyers to sustain breakouts unless spot demand (including ETF demand) keeps showing up.
Microstructure may also change the weekend wick pattern over the next quarter. CME plans to offer 24/7 trading for crypto derivatives starting late May.
If CME moves closer to true always-on trading, one mechanical result could be less of a “Sunday reopen” feeling and fewer thin-liquidity air pockets that exaggerate weekend news. It would not end conflict-driven volatility. It would change who can respond with size, and when, which is the part that tends to decide whether a weekend move becomes the week’s trend or fades by Tuesday.
Options pricing, key levels, and what the next month is pricing in
Options markets are already pricing a wider-than-usual distribution of outcomes. Deribit’s volatility index (DVOL) sat around 53, and Deribit’s own statistics showed the IV percentile near 91.8, high versus the past year’s distribution.
At roughly $66,500, a DVOL level near 53% annualized implies a “normal” (one standard deviation) move of about ±7.3% over one week and about ±15% over 30 days using the usual square-root-of-time approximation.
| Horizon | Implied move (≈1σ) | Dollar move (BTC ≈ $66,500) | Implied range |
|---|---|---|---|
| 1 week | ±7.3% | ≈ ±$4,900 | ≈ $61,600 to $71,400 |
| 30 days | ±15% | ≈ ±$10,100 | ≈ $56,000 to $77,000 |
Those ranges line up with the technical map traders have been using since the weekend shock. The most defensible way to talk about levels is in terms of “acceptance” and “failed holds,” not certainty. Based on the marked zones on the chart:
| Zone | Area | How traders tend to frame it |
|---|---|---|
| Resistance | ~$69,000–$70,700 | Breakout/failed-breakout area; acceptance above can force spot chasing |
| Resistance | ~$71,500–$72,000 | Next supply zone if price holds above ~$70,700 |
| Support | Mid-$65,000s | First shelf; losing it often turns rallies into retests |
| Support | ~$64,600 / ~$63,800 | Prior reaction area near the weekend shock low region |
| Downside markers | ~$61,700 and ~$61,100 | Structural levels that tend to carry more weight if macro stress persists |
The macro trigger that keeps hanging over this setup is energy. If the conflict narrative keeps oil elevated, markets tend to talk in inflation terms and price pressure through equities and rates, which is the regime where bitcoin often trades as risk-sensitive liquidity rather than as a shelter.
Recent developments in energy channels and shipping risk kept that possibility in view.
So the forward-looking read becomes conditional and observable. Traders can watch for:
- Whether U.S. spot ETF sessions keep printing net inflows (or flip into a multi-day outflow streak)
- Whether DVOL cools from elevated readings or stays pinned near the top of its one-year distribution.
- Whether CME leverage rebuilds after the reported open-interest drawdown.
If those inputs lean supportive, steady inflows, easing vol, and stable basis, weekend dips are more likely to get bought again during U.S. hours, and resistance zones near $69,000–$70,700 become more than just overhead lines.
If those inputs lean against, outflows, stubbornly high vol, and weak risk markets, price action can keep behaving like it did in the initial shock: sharp wicks first, then a slower grind lower once weekday liquidity audits the move.
The next mechanical milestone is late May. If CME’s plan for 24/7 crypto derivatives trading proceeds, the weekend shock to the weekday repricing pattern could soften at the margins. The market will still absorb new developments on Saturdays and Sundays.
The question is whether the deepest pools of U.S.-linked liquidity will still wait until Monday to decide how to express them.
Source: https://cryptoslate.com/only-the-us-market-is-buying-bitcoin-while-the-foreign-smart-money-keeps-taking-profit/
