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BREAKING: Oil spiked to $120, stocks tanked, gold dropped - but Bitcoin held its ground

Yesterday we wrote about oil breaking $100 and dragging everything down with it.

24 hours later and the picture looks very different…

Oil swung from $120 per barrel overnight all the way back to $85 after Trump said the war against Iran could be over soon.

He called progress "very far ahead" of the expected timeline.

Stocks reversed sharply. The Nasdaq swung from a 2% loss to finishing up 1.25%.

But the real story is what Bitcoin did through all of it.

When oil spiked and futures crashed on Sunday night, BTC dipped under $66,000.

Within hours it was back above $69,000.

While gold failed to rally. While the dollar surged. While equities whipsawed.

Bitcoin just… held.

QCP Capital noted that despite broad weakness across risk assets, BTC has been "notably resilient."

Analyst David Morrison agreed, saying digital assets appear to be attracting defensive capital from investors looking for alternatives to oil-sensitive assets.

That's the safe-haven narrative creeping back in.

On-chain, the signal is similar.

Roughly 32,000 BTC have been pulled off exchanges recently - a move that usually means coins are heading into longer-term storage, not being lined up to sell.

Crypto stocks followed the bounce. Circle rose 10%. Strategy gained 5%. Coinbase added 2%.

But not everyone is convinced this holds.

Last week's breakout above $74,000 failed. The price slipped right back into the same range it's been stuck in for weeks.

The broader trend is still bearish - and prediction markets reflect that. Traders on Myriad give Bitcoin 57% odds of hitting $55,000 before $84,000.

The structure hasn't flipped yet.

But Bitcoin's ability to absorb a historic oil shock without breaking lower is worth paying attention to.

In a week where gold stumbled and stocks panicked, crypto was the calm one in the room. 🚀

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That's not a year-end target. That's where Matt Hougan thinks Bitcoin should be trading right now.

Hougan is the Chief Investment Officer at Bitwise, managing over $10 billion in crypto assets. He's been one of the most level-headed institutional voices throughout this entire bear market. He’s a data guy.

And in his latest interview with CoinDesk, he made the case that the market is sitting on a mountain of bullish news that everyone has trained themselves to ignore.

Here’s the catalysts Hougan thinks the market is overlooking:

Any one of those headlines in a previous cycle would have sent Bitcoin vertical.

All of them together? Hougan says:

So why isn't it?

Short-term economic uncertainty. That's it.

The macro overhang has suppressed the reaction to every single one of those developments.

The good news landed, and the market just... ignored it.

But Hougan sees that as a setup, not a problem:

And the demand side? He laid out what he called the '3 horsemen of insatiable demand.’

His view on what needs to happen to hit $200,000 by year end?

And once that lifts?

We’re "straight to the races." 🐴

Make that two!

Last week, Digital Asset Funds saw inflows for the second week in a row of $619 million.

Let’s break it down.

Bitcoin saw the largest inflows of the week with $521 million coming in.

Ethereum followed with $88.5 million.

Solana also saw notable inflows of $14.6 million for the week.

Whilst XRP saw outflows of $30.3 million.

Regionally, the U.S. saw the majority of inflows with $646 million entering.

Whilst Germany, and Switzerland saw outflows adding $14.8 million and $14.5 million respectively

CoinShares notes that early optimism was evident with inflows of $1.44B during the first three days of the week.

However, sentiment weakened later in the week with outflows of $829 million on Thursday and Friday.

The rise in oil prices likely offsets any potential decline in inflation that might have resulted from the extremely weak payroll data.

Regardless, the overall flows point to a broadly positive sentiment towards the asset class during a period of intense geopolitical stress.

Strategy Adds 17,994 BTC to Push Total Reserves Above 738,000. Michael Saylor’s Strategy acquired 17,994 BTC for $1.28 billion, bringing total holdings above 738,000 BTC.

Bitmine (BMNR) buys 61,000 ether (ETH) as Tom Lee sees end in sight for bear market. The firm ramped up the pace of ETH accumulation despite sitting on staggering unrealized losses on its $9 billion crypto holdings.

Consensys-backed SharpLink reports $734 million loss as ETH holdings climb. SharpLink generated 14,516 ETH in native and liquid staking rewards since launching its treasury strategy in June 2025.

Bitcoin Die-Hard Jack Dorsey Doesn't Like Stablecoins, But Block Will Use Them Anyway. Jack Dorsey said he doesn't like stablecoins—but Block's customers do, and that's winning despite the firm's strong Bitcoin focus.

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Because what would the crypto world be without its share of memes?

Trivia Answer: UST (TerraUSD) 🥳

Terra's algorithmic stablecoin UST depegged in May 2022, wiping out roughly $40 billion in value across UST and its sister token LUNA. The collapse sent shockwaves through the entire market and contributed to the downfall of several major firms including Three Arrows Capital and Celsius.

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