TLDR
- BTC declined approximately 2.9% to $66,400 following Trump’s national address regarding Iran
- The President announced plans to strike Iran with significant force over the coming 2–3 weeks
- Oil prices jumped beyond $104 per barrel while US equity futures shed more than $550 billion
- Futures open interest for BTC contracted 2.5% within four hours, indicating weakening derivatives positioning
- Spot Bitcoin ETFs recorded their first positive monthly flow since October, attracting $1.2 billion during March
The leading cryptocurrency experienced a sharp downturn Thursday following President Donald Trump’s national address concerning ongoing military engagement with Iran. Market participants had anticipated signs of potential de-escalation, yet the President’s remarks suggested the opposite direction.
During his address, Trump informed Americans that military forces would “hit them extremely hard over the next two to three weeks,” making clear reference to Iran. While acknowledging progress toward military objectives, the President provided no specific timeline for ending hostilities.
Energy markets reacted swiftly. Crude oil prices climbed 5% to eclipse $104 per barrel. The Strait of Hormuz continues to face blockade conditions, with Trump’s speech offering no clarity on when passage might resume.
Prior to the presidential address, BTC was changing hands near $69,230. Within 24 hours following the speech, the digital asset had declined to $66,393, representing a decrease of approximately 2.9%.
Alternative cryptocurrencies mirrored this downward movement. Ethereum, XRP, Solana, and Dogecoin each registered significant declines. Bitcoin’s trading volume decreased more than 8% during this timeframe.
Derivatives Market Shows Selling Pressure
CoinGlass analytics revealed aggregate BTC futures open interest contracted 2.5% to $46.49 billion during the four-hour window following Trump’s speech. CME open interest decreased 2.70% while Binance recorded a 2.96% decline. Such movements generally indicate traders are unwinding bullish positions.
The Coinbase Premium metric, which tracks purchasing demand from American investors, shifted into negative territory. This development suggests US retail market participants have yet to enter the market at these reduced price levels.
Analysts Lyn Alden and Rory Johnston observed that markets “didn’t really learn anything more from Trump’s Iran War address, but those things he reaffirmed are likely going to continue driving crude prices higher.”
The US Dollar Index advanced 0.33% to reach 100, while the 10-year Treasury yield increased to 4.376%. Precious metals faced pressure, with gold declining more than 2% and silver dropping over 4%.
Bitcoin ETFs Logged Positive March Despite Broader Losses
The current selloff stands in contrast to recent ETF performance. Bitcoin exchange-traded funds registered their first monthly net inflow since October. Spot ETFs captured $1.2 billion during March, reversing four consecutive months of net withdrawals.
Throughout March, Bitcoin demonstrated relative strength compared to traditional risk assets, recording modest appreciation while equities and precious metals declined. Year-to-date figures show BTC has fallen roughly 24% in 2026, with trading activity concentrated near the $60,000 level for most of the year.
Iranian officials have indicated preference for receiving payment in Chinese yuan or cryptocurrency for vessels seeking passage through the Strait of Hormuz. Direct diplomatic engagement between Washington and Tehran has remained absent since hostilities commenced more than a month ago.
Bitcoin was trading at $66,393 at time of publication.
