How traders and major investors stepped in to support Bitcoin as the oil shock rattled markets.

Bitcoin has remained relatively stable this month even as geopolitical tensions and surging oil prices rattled global financial markets.

Energy markets have experienced sharp volatility, with key crude benchmarks — Brent Crude and West Texas Intermediate — climbing roughly 30% this month and briefly trading above $100 per barrel early Monday. The spike in oil prices has weighed on global equities, particularly across Asian and European markets.

Despite the turmoil, bitcoin has moved higher. The cryptocurrency is up nearly 4% this month and has been trading around $70,200, according to data from CoinDesk.

Analysts say the market has been supported by steady demand from large investors, including over-the-counter (OTC) traders and institutional buyers stepping in during price dips.

Paul Howard, senior director at liquidity provider Wincent, said several large OTC transactions helped support bitcoin demand as the geopolitical situation unfolded.

“Demand has been driven by sizable OTC trades, along with continued bitcoin purchases by Strategy,” Howard said in comments to CoinDesk. “The timing of these moves amid geopolitical uncertainty may indicate that confidence in risk assets is beginning to return.”

OTC desks allow large traders and institutions to conduct private cryptocurrency transactions outside public exchange order books. These negotiated deals enable participants to execute large trades without significantly moving market prices.

Howard also highlighted renewed interest in a popular carry trade involving Strategy’s stock. In this strategy, traders short Strategy shares while simultaneously purchasing bitcoin exchange-traded funds, allowing them to hedge exposure while benefiting if bitcoin outperforms the stock.

Institutional flows into ETFs have also strengthened recently. The 11 U.S.-listed spot bitcoin ETFs have attracted more than $700 million in net inflows this month, according to figures from SoSoValue.

Vikram Subburaj, CEO of India-based crypto exchange Giottus, said the inflows signal renewed institutional interest after several months of withdrawals.

“Spot bitcoin ETFs have recorded net inflows of roughly $1.7 billion since late February, reversing about four months of outflows,” Subburaj said. “Between March 8 and March 10 alone, ETF activity contributed to a weekly net inflow of around $568 million.”

Meanwhile, analysts at Nexo pointed to continued bitcoin accumulation by Strategy as another bullish factor. The Nasdaq-listed firm purchased 17,994 BTC between March 2 and March 8, increasing its total holdings to 738,731 BTC.

According to Nexo analyst Iliya Kalchev, the purchase represents a significant share of newly issued bitcoin.

“The network has now surpassed 20 million BTC mined, leaving fewer than one million coins left to be issued,” Kalchev said. “With roughly 450 BTC entering circulation each day, supply growth remains limited. Strategy’s latest acquisition equals about five weeks of new issuance and brings its holdings to roughly 3.7% of the circulating supply.”

On-chain data also suggests continued accumulation among large holders. Subburaj noted that wallets holding more than 1,000 BTC increased their balances by about 0.3% during recent market pullbacks, suggesting investors used the dips to build positions.

He also noted that more than 400,000 BTC recently traded within the $60,000 to $70,000 price range, indicating strong demand in that price band.

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