BlackRock's iShares Bitcoin Trust (IBIT) is on a hot streak, recording a record-breaking 69 consecutive days of investor cash flowing in. This positive sentiment coincides with the recent Bitcoin halving, an event designed to limit supply and potentially drive up value.

However, the party might be on hold. While the halving should theoretically make Bitcoin more scarce, geopolitical tensions in the Middle East, particularly the Israel-Iran conflict, have thrown a wrench into the works. Bitcoin, often seen as a safe haven during global uncertainty, experienced a recent sell-off due to investors seeking safer bets like the US Dollar.

Analysts point the finger at Bitcoin ETFs. Basile Maire, co-founder of a decentralized exchange, argues that these instruments might be amplifying the impact of traditional market forces on Bitcoin's price. When investors flock to safe havens like the Dollar, Bitcoin ETFs become a convenient way to shed their volatile crypto holdings.

This doesn't necessarily negate Bitcoin's long-term potential as a hedge against uncertainty. But for now, the battle between ETF inflows and geopolitical jitters seems to be creating a stalemate in the Bitcoin market.