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🐳 Weekly Edition: Iran Conflict Takes Bitcoin on a Rollercoaster

Early week gains gave way to bears later in the week as the FBI finally catches $45M criminal

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Will McKinnon & Beluga
March 06, 2026

Bitcoin recovered strongly mid-week from the weekend’s selloff, smashing through $70k and briefly testing $74k, its highest level since early February and about 15% above the weekend’s lows. Today however held a different story, as the CoinDesk 20 index dropped 3.5% today indicating the size of the decline in even our biggest tokens.

This week did mark a reversal in ETF flows however with their 6 week outflow streak snapped, as Monday and Wednesday alone brought in almost $1B in fresh capital to spot Bitcoin ETFs.

Spot BTC, ETH, and SOL Weekly Flows, Source: Farside

The conflict in Iran is dominating markets for the time being, as Iran’s closure of the Strait of Hormuz sent oil prices surging. The US dollar index rose to its highest point in November as Trump demanded unconditional surrender from Iran, effectively shutting down any potential diplomatic offramp.

Adding to the chaos was today’s lackluster jobs report, bringing the third negative print in five months. A weakening labor market, sticky wage inflation and an energy price shock is an incredibly difficult combination for the Fed to handle, but we won’t find out which direction they’re steering the ship until March 18th’s FOMC.

Remember that kid who stole $46M from the US government while his dad’s company was contracted to help custody for them, and had the audacity to taunt the feds after? Well, he’s in jail now.

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Disclaimer

The content on this site is for informational purposes only and should not be construed as investment advice. While Beluga strives to ensure the accuracy and timeliness of information, there may be discrepancies when comparing our data to that of financial institutions, service providers, or specific product websites. Always consult with a professional before making any financial decisions. Will McKinnon is the Head of Content for Beluga and has spent every day for many years trading coins. For that reason there are too many to name, however his largest holdings by a significant margin are Ethereum and Bitcoin. NFA DYOR