[Weekend Money] Bitcoin Remains Resilient Despite War-Driven Uncertainty

As major global stock markets faced heightened uncertainty following airstrikes on Iran by the United States and Israel, Bitcoin maintained a relatively stable upward trend. Analysts attribute this stability to the fact that a price decline had occurred previously, and institutional inflows helped sustain the steady movement.

According to Yuanta Securities, as of March 6, the price of Bitcoin in won exceeded 106.1 million, marking an increase of 10.5% compared to levels before the airstrikes began.

Hwanwook Lee, a researcher at Yuanta Securities, stated, "If we track price movements from the start of the airstrikes, Bitcoin saw a sharp drop of around 3.5% at the time of the initial explosion reports but quickly recovered." He added, "Entering a weak phase in the halving cycle, Bitcoin had already experienced a significant price drop compared to previous highs, and the spot Bitcoin ETF has recorded net inflows since last week. These factors limited the severity of the price decline."

One of the key issues during the recovery from the sharp decline was 'on-chain fund movement.' Lee explained, "The hourly digital asset withdrawal volume from Iran's largest exchange, Nobitex, exceeded 800% compared to the 2026 average, with a cumulative total of approximately 10.3 million dollars in digital assets transferred to external wallets since the airstrikes. Typically, movement of digital assets to external wallets is interpreted as a decrease in sell pressure within the circulation market and acts as a factor supporting price increases." He continued, "While the absolute amount is not significant in scale, the impact as a leading indicator of market sentiment was considerable. This is a tangible phenomenon that reinforces the narrative of selecting Bitcoin as a 'survival-type safe haven asset' in extreme situations."

Subsequently, institutional funds flowed in, leading to a price recovery and further gains. Over the past three trading days, the net inflow into spot Bitcoin ETFs exceeded 1.14 billion dollars. Lee noted, "The inflow was stronger than last week's buying trend, and the leading U.S. Bitcoin treasury-listed company, Strategy, also purchased an additional 3,015 Bitcoins." He added, "Contrary to individual investors, most treasury companies have increased their holdings of Bitcoin for two consecutive quarters of price decline compared to last year's high."

This content was produced with the assistance of AI translation services.