Bitcoin traded near $68,000 on Tuesday as U.S. spot ETFs pulled in $458 million, according to data curated by SoSoValue, marking one of the quarter’s strongest inflow days despite the ongoing conflict with Iran.

The inflows suggest institutional investors are treating bitcoin's recent volatility stemming from the war as contained rather than systemic.

Singapore-based trading firm QCP Capital said in a recent note that the roughly $300 million in long liquidations triggered by the weekend headlines were “notable but contained,” arguing that positioning had already been materially lightened in recent weeks.

Options markets told a similar story, QCP wrote, with one-day implied volatility briefly spiking to 93% before quickly retracing, a sign traders were hedging event risk rather than bracing for prolonged escalation.

Meanwhile, U.S. spot bitcoin ETFs added $1.1 billion over three consecutive sessions last week, according to SoSoValue data previously reported by CoinDesk, with BlackRock’s IBIT accounting for roughly half.