Since the U.S.-Israel war with Iran began in late February, Bitcoin has traded in a tight range of $65K-$73K. The resilience has extended to Ethereum and the broader altcoin market as the war drags on. 

Commenting on the same in their weekly market update, Coinbase analysts, led by David Duong, noted that the panic sell-off across Bitcoin [BTC] and Ethereum [ETH] that was prevalent in February has dropped significantly. 

Citing the Spent Output Profit Ratio (SOPR), a metric which tracks whether short-term holders (STH) are selling at a loss or profit, Coinbase added, 

An upturn in STH SOPR for BTC and ETH beginning in late February suggests spot demand has recently been strong enough to absorb countervailing selling pressure,…