Bitcoin Remains Stable Amid Oil Price Surge, Reflecting U.S. Market Resilience

ChainCatcher report, according to CoinDesk, despite the Israel-Iran conflict pushing oil prices above $100 per barrel, Bitcoin has remained largely flat around $67,000 over the past week. Analysis suggests this may be linked to Bitcoin’s strong correlation with U.S. stock markets—since the U.S. is a net oil exporter with low dependence on Middle Eastern oil, its equity markets have shown relative resilience, benefiting Bitcoin as well. Data shows that the U.S. primarily imports oil from Canada and Mexico, with only 4% coming from Saudi Arabia, making it largely immune to disruptions in the Strait of Hormuz. Since the conflict began on February 28, S&P 500 and Nasdaq futures have declined by just over 3%, while the Nikkei has dropped 10%, India’s Nifty has fallen 5%, and South Korea’s Kospi has plunged over 16%. Analysts note that, with the launch of spot ETFs and expectations of regulatory easing following Trump’s election victory, Bitcoin has increasingly evolved into a quasi-U.S. risk asset, with its ties to U.S. financial conditions growing tighter. Additionally, Bitcoin had already retraced from its highs to around $60,000 prior to the conflict, releasing short-term selling pressure and providing a relatively stable foundation for its current price.