Looking back at the March 9th ‘Oil Crisis’ – Were the analysts right about Bitcoin behaving like a risk asset?

On March 9th, analysts were screaming that Bitcoin would “face short-term selling pressure” and follow equities down as Brent crude pushed $120. Fast forward to today: Brent is still hovering around $113 due to the ongoing Strait of Hormuz closure, yet BTC has largely consolidated around the $68k mark rather than spiraling.

The Big Question: Was the “risk asset” label a self-fulfilling prophecy for the institutions who sold the news, or are we seeing the “structural irrelevance” that Nima Beni mentioned in the piece?

Interestingly, while ETH has seen nearly $60M in outflows this past week, Bitcoin ETFs just marked their 4th consecutive week of net inflows.