Ignore geopolitical turmoil! Bitcoin staged an "independent market" and attracted $1.3 billion in funds against the trend, targeting the 75,000 mark.

Bitcoin rose during the Asian trading session on Monday, while other markets remained lukewarm. Traders continue to deal with the uncertainty surrounding the situation in the Middle East. The oldest cryptocurrency surged by 3.7% to over $74,400, with other digital assets seeing even larger gains. The second-largest cryptocurrency, Ether, rose by 6.9%, while Solana and Ripple rose by 6.1% and 4.7% respectively. Since the outbreak of the Iran conflict at the end of February, Bitcoin has outperformed many traditional assets. While gold prices fell by 4.9% this month, Bitcoin rose by 12.5%. "Despite geopolitical uncertainty, cryptocurrencies have been in a bullish mood for the past week," said Caroline Mauron, co-founder of Orbit Markets. "There is a strong possibility of breaking the $75,000 mark, as retail and strategic buyers believe the worst period for cryptocurrencies is over." Inflows into exchange-traded funds (ETFs) seem to indicate a return in institutional confidence. Twelve spot Bitcoin ETFs listed in the U.S. saw net inflows of over $763 million last week, marking the third consecutive week of inflows. Net inflows since March totaled $1.3 billion. "Over 78% of these fund flows are in the IBIT from BlackRock, which reflects belief buying rather than speculative rotation," said BTC Markets analyst Rachael Lucas. While Bitcoin has historically been a speculative bet, in the past two weeks, during periods of geopolitical tension, its performance has resembled more of a macro hedge tool. Previously, former U.S. President Trump called on countries to help reopen the key trade route of the Strait of Hormuz. As Bitcoin surged on Monday, oil prices retraced their earlier gains. Jeff Mei, Chief Operating Officer of BTSE, also noted that Iran's statement about closing the Strait of Hormuz only to "enemy" ships implies that only American and Israeli ships would be threatened. "If the conflict seems to be nearing an end, Bitcoin could easily rebound and reach the $100,000 mark quickly," Mei said. "If the conflict is prolonged, Bitcoin could fall back to $60,000."