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🐳 Daily Edition: Bitcoin Showing Strength Despite Oil-Driven Sell Off
We live in tumultuous times, but wasn't Bitcoin designed for that anyway?
Beluga & Will McKinnon
March 18, 2026
In partnership with
Hopeful price action earlier in the week has given way to some carnage today, as BTC has fallen almost 4% at time of writing as it seems every major ally has rejected Trump’s calls for aid in the Strait of Hormuz. Adding to the already dire situation has been a slew of public discontent from within Trump’s own administration, most recently coming in the form of top counterterrorism official Joe Kent resigning from his position.
Whether or not you agree with Kent’s reasoning, there are cracks forming in the ranks of the government and everyone can see it happening… not exactly the situation you want to be in during a global conflict of this scale.
24 Hour Crypto Heatmap, Source: CoinMarketCap
It’s not all bad though: last week marked the first five-day consecutive inflow streak of 2026, Saylor made their largest BTC acquisition of the year, and BlackRock launched their staked Ethereum ETF. In fact, despite today’s sell-off BTC’s relative performance since the conflict began on February 28th has been pretty remarkable: BTC now sits up about 13% from that day, while the S&P500 is down about 3%.
We’re also seeing the performance of Bitcoin continue to diverge from that of Gold, with the rolling 30-day correlation at its most negative point since the FTX crash in November 2022. In other words, they’re basically doing the complete opposite at this point.
Yes, this is unfortunately a direct quote from the recent Vanity Fair article, and yes I think it’s already been more destructive to our industry than FTX. Read the horror story for yourself here.
The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!
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