Key Insight:
- Bitcoin price briefly crossed $74K after strong US services data and higher job growth boosted risk assets across markets.
- The US-Venezuela gold deal triggered safe-haven buying, sending gold to $5,170 per ounce amid Middle East tensions.
- Bitcoin ETFs recorded $462M in inflows as institutional demand returned.
Bitcoin price climbed above $74,000 amid geopolitical developments, macroeconomic data, and renewed investment flows. The recent upward trend was the increase in which the price of gold also rose following reports on the signing of a multimillion-dollar contract for the supply of gold between the United States and Venezuela.
Bitcoin Gains Traction as U.S. Jobs Data Surpasses Expectations.
Bitcoin briefly traded above $74,000 after stronger U.S. economic signals, while gold moved toward $5,170 per ounce. The market data indicated that these movements were accompanied by an influx of money into digital asset investment products and activity in the broader financial markets.
Source: The Kobeissi Letter
Earlier in the week, the ISM Manufacturing Purchasing Managers’ Index helped push Bitcoin toward $70,000. The release of the ISM Services PMI later added further upward momentum. The services sector data showed activity expanding at the fastest pace in three years. However, figures indicated that the United States private sector added more jobs than economists had anticipated.
These indicators contributed to a broader rebound in risk-sensitive assets. Bitcoin price rose more than 7% over 24 hours as technology-related stocks also gained on Wall Street. At the time of writing, the cryptocurrency was valued at approximately $72,382, according to CoinGecko data.
Despite the recent recovery, Bitcoin remains about 8% below its 30-day high. The asset has nevertheless climbed roughly 20% from its February low of around $60,000.
US Venezuela Gold Deal Drives Safe Haven Demand
The rebound in precious metals coincided with reports of a new agreement involving Venezuelan gold exports to the United States. Venezuela’s state-owned mining company Minerven has signed a contract to supply between 650 and 1,000 kilograms of gold dore bars to global commodities trader Trafigura.
According to a March 5 Axios report, the gold will be delivered to refineries in the United States. The arrangement was facilitated through negotiations involving U.S. government officials.
United States Interior Secretary Doug Burgum visited Venezuela earlier in the week as part of a delegation that included representatives from American mining companies. Burgum played a role in helping broker the agreement between the Venezuelan producer and the commodities trader.
The deal forms part of broader efforts by the United States to expand commercial ties with Venezuela following the January 2026 military operation that resulted in the removal of former President Nicolas Maduro.
The interim government in Venezuela, under President Delcy Rodríguez, has also indicated that it is considering revising mining regulations. The reforms are expected to foster foreign investment in the country’s gold, mineral, and rare-earth industries.
These developments come after previous agreements redirected the Venezuelan oil exports towards the United States. Nevertheless, Crude oil prices have also been highly volatile in the energy markets following military attacks by the United States and Israel on Iran.
Strong ETF Inflows Support Bitcoin Price
On Wednesday, net inflows into U.S. spot Bitcoin exchange-traded funds amounted to $462 million, according to Farside Investors data. The inflows reflected the third consecutive day of positive flows into the funds, bringing in about $1.1 billion per week. Despite the recent gains, year-to-date inflows remain modest at roughly $700 million after the products experienced five weeks of withdrawals totaling $3.8 billion earlier in the year.
Among individual funds, BlackRock’s iShares Bitcoin Trust ETF recorded the largest daily inflow. The fund attracted approximately $307 million during the trading session. Other major funds also reported new capital entering the market. The Fidelity Wise Origin Bitcoin Fund recorded inflows of $48 million, while the Grayscale Bitcoin Mini Trust ETF added about $32 million.
However, most of the U.S. spot Bitcoin ETFs recorded inflows during the session. CoinShares’ Bitcoin ETF was the only product that did not report new capital entering the fund that day. Bloomberg ETF analyst Eric Balchunas noted that the majority of Bitcoin ETFs have now shifted to positive year-to-date flows following the latest inflow cycle. Meanwhile, the Grayscale Bitcoin Trust ETF and the ARK 21Shares Bitcoin ETF have seen withdrawals totaling $648 million and $162 million, respectively.
