Bitcoin slipped about 1.8% to around $69,400 on Thursday as crude oil surged above $100 a barrel following escalating geopolitical tensions linked to Iran.
Brent crude rose more than 9% to about $101.59 after attacks on tankers and energy infrastructure disrupted shipping activity in parts of the Middle East.
“Dumping barrels from emergency stockpiles is less a solution than a symbolic gesture,”
Said SPI Asset Management managing director, Stephen Innes.
The oil rally has intensified inflation concerns, pushing back expectations for US Federal Reserve rate cuts and weighing on risk assets including cryptocurrencies.
Bitcoin has struggled to decouple from broader risk markets during the conflict and is now roughly 47% below its October 2025 all-time high of $126,000.
Despite the decline, institutional investors appear to be accumulating, with US spot Bitcoin exchange-traded funds recording about $533 million in net inflows between March 9 and March 11.
Analysts say upcoming US economic data and further moves in oil prices could determine whether the cryptocurrency market faces continued pressure or finds support from institutional demand.
At the time of reporting, Bitcoin price was $69,436.03.