US spot Bitcoin ETFs saw strong net inflows in early April despite, or maybe because of, the Iran war. Analysts at CoinDesk flagged rising Coinbase premiums and heavy buying from major holders like Strategy as signs of persistent institutional demand. The thesis is simple: oil above $95, inflation expectations rising, the Fed stuck at 3.5-3.75% with no cuts in sight, and the dollar under pressure. That’s the exact macro cocktail that makes Bitcoin attractive as a debasement hedge.
Every major DXY decline of 5% or more has preceded a BTC rally averaging 40% within six months. Institutional allocators with ETF exposure are explicitly using it that way now. The war didn’t scare institutions out. It gave them another reason to stay in.