Bitcoin has remained resilient this month even as geopolitical tensions and a surge in oil prices unsettled global markets.

Energy prices have been particularly volatile. Benchmark crude contracts — Brent Crude and West Texas Intermediate — have jumped roughly 30% this month, briefly moving above $100 per barrel early Monday. The spike has pressured global equities, with Asian and European markets experiencing increased downside volatility.

Despite the turmoil in traditional markets, bitcoin has moved higher. The cryptocurrency has gained nearly 4% during the month and was trading around $70,200, according to data from CoinDesk.

Market participants say strong buying from large investors has helped support the asset. Demand has come from institutional players, OTC traders and large holders who stepped in to buy during market pullbacks.

Paul Howard, senior director at liquidity provider Wincent, said large over-the-counter transactions have played a key role in keeping demand steady.

“Demand has been driven by several sizable OTC trades, along with recent bitcoin purchases by Strategy,” Howard said in comments to CoinDesk. “The timing of these moves alongside geopolitical developments may signal renewed confidence in risk assets.”

OTC desks allow investors to conduct large cryptocurrency transactions privately instead of using public exchange order books. These deals are negotiated directly between buyers and sellers or arranged through brokers, helping institutions execute large trades without causing significant price swings.

Howard also pointed to renewed interest in a carry trade involving Strategy shares. In this strategy, traders short Strategy stock while simultaneously purchasing bitcoin exchange-traded funds, allowing them to hedge exposure while benefiting if bitcoin outperforms the company’s shares.

Institutional inflows through ETFs have also provided support. The 11 U.S.-listed spot bitcoin ETFs have recorded more than $700 million in net inflows this month, according to data from SoSoValue.

Vikram Subburaj, CEO of India-based crypto exchange Giottus, said these inflows represent a shift in sentiment after several months of outflows.

“Spot bitcoin ETFs have seen net inflows of about $1.7 billion since late February, reversing nearly four months of withdrawals,” Subburaj said. “Between March 8 and March 10 alone, ETF activity contributed to a weekly net inflow of roughly $568 million.”

Meanwhile, analysts at Nexo highlighted continued accumulation by Strategy as another factor supporting the market. The Nasdaq-listed firm purchased 17,994 BTC between March 2 and March 8, increasing its total holdings to 738,731 BTC.

According to Nexo analyst Iliya Kalchev, the size of the purchase is notable relative to bitcoin’s limited supply.

“The network has now surpassed 20 million BTC mined, leaving fewer than one million coins still to be issued,” Kalchev said. “With roughly 450 BTC created daily, supply growth remains constrained. Strategy’s latest purchase equals about five weeks of new issuance and brings its holdings to around 3.7% of the circulating supply.”

On-chain activity also points to continued accumulation among large holders. Subburaj noted that wallets containing more than 1,000 BTC increased their balances by roughly 0.3% during recent dips, suggesting investors took advantage of the volatility to add to their positions.

He added that more than 400,000 BTC recently changed hands between $60,000 and $70,000, indicating strong demand within that range.