Sheng Bao: Bitcoin have a slight increase amid the conflict in the Middle East but still appear weak.

Shengbao Bank analysts stated in a report that Bitcoin has risen but is still below $70,000, as escalating conflicts in the Middle East have led to overall market sentiment remaining cautious. They mentioned that currently, Bitcoin seems relatively resilient compared to other risk assets. However, institutional demand has recently weakened, with the US spot Bitcoin ETF recording significant net outflows last week. They also mentioned that the broader cryptocurrency market, especially tokens and stocks related to cryptocurrencies, remain sensitive to fluctuations in macroeconomic sentiment, energy prices, and global risk appetite. Data from the London Stock Exchange Group shows that after hitting a weekly low of $65,639 overnight, Bitcoin rose 0.3% to $67,444.