Hedge logic changes! Bitcoin leads the counterattack of risky assets, with bulls targeting the key defense line of $75,000.

Notice that, as investors begin to ease their optimism about potential market turbulence stemming from the Middle East conflict and return to risk assets, Bitcoin prices rose to nearly a six-week high. The largest cryptocurrency surged about 4% to $74,512 at one point, reaching its highest level since February 4th, before giving back some of the gains. Bitcoin is still down about 40% from its historical high set in October last year. Other smaller, more volatile digital assets saw even higher increases. Solana and XRP surged as much as 8% and 9% respectively. The second-largest cryptocurrency Ethereum rose by 10%, more than double the increase of Bitcoin. This surge in Ethereum is the largest since March 4th, bringing it to its highest level since early February. Bitcoin has performed better in response to the conflict in Iran war that broke out at the end of February compared to many traditional assets. Gold fell about 5% this month, while Bitcoin rose by over 12%. The decline in oil prices due to signs that wealthy nations may release more stock, and signals on Monday indicating that more oil tankers will be able to pass through the Strait of Hormuz, boosted sentiment in stock and bond markets. Caroline Melon, co-founder of Orbit Markets, stated, "Despite the geopolitical uncertainties, cryptocurrencies have been bullish over the past week," "Breaking $75,000 seems very likely now, as both retail and strategic buyers believe the worst phase of the cryptocurrency downturn is over." According to data from blockchain data company Glassnode, market makers appear structurally short on bullish options at the $75,000 level. "As spot prices approach this level, hedging flows may strengthen, potentially amplifying upward price movements." Data from Coinglass shows that about $530 million in liquidations occurred in the market over the past 24 hours. Alex Kuptzkevich, Chief Market Analyst at FxPro, said, "Near the $75,000 level, bears are likely to regain control, keeping Bitcoin in a corrective rebound mode after the drop," "From a cross-market analysis perspective, there is more evidence on the side of the bears, but Bitcoin tends to lead market movements, reflecting potential shifts in sentiment." Funds flowing into exchange-traded funds (ETFs) indicate institutional confidence is returning. Last week, net inflows into 12 Bitcoin spot ETFs listed in the United States surpassed $763 million, marking the third consecutive week of inflows. As of March, the total net inflow amount is $1.3 billion. Rachel Lucas, an analyst at BTC Markets, said, "IBIT from BlackRock accounts for about 78% of these fund flows, this concentration reflects a firm belief in buying rather than speculative rotation." On Monday, Michael Saylor's Strategy company announced its largest acquisition since January, purchasing nearly $1.6 billion worth of Bitcoin. Meanwhile, digital asset financial company BitMine Immersion Technology Inc. has accelerated its purchase of Ethereum over the past two weeks. Chairman Tom Lee announced in a press release on Monday that the company bought nearly 61,000 tokens last week. Strategy's stock rose by 5.6%, with other cryptocurrency-related companies also seeing gains in their stock prices. Coinbase rose by 4%, Riot Platforms saw a slight increase of about 3%. Bitmine surged by about 14%. Jeff May, Chief Operating Officer of BTSE, also pointed out comments from the Iranian side, stating that the Strait is only closed to "enemy" ships, implying that only U.S. and Israeli ships are threatened. "If the conflict looks to be coming to an end, Bitcoin could easily and quickly recover and rise to the $100,000 milestone," May said. "But if the conflict may drag on, Bitcoin could fall back to the $60,000 level."