- Bitcoin fell below $64,500 as US-Iran tensions cast doubt on reopening the Strait of Hormuz, mirroring initial stock market declines.
- The Japanese yen weakened toward 160 against the dollar despite a rare joint US-Japan intervention, prompting economist warnings.
- Institutional inflows into US spot Bitcoin ETFs reached $865.3 million last week, yet onchain data indicates the rebound remains tentative.
Bitcoin slipped below $64,500 on Monday after the Wall Street open as markets absorbed fresh uncertainty from US-Iran tensions. Data from TradingView showed BTC/USD hitting $64,447 on Bitstamp before a modest rebound.
The drop mirrored US stocks, which initially fell as the odds of reopening the Strait of Hormuz faded. Iran’s deputy speaker Ali Nikzad told the Islamic Consultative Assembly that “the opening of the Strait of Hormuz has no military solution,” according to Al Jazeera. US WTI crude oil rose nearly 5% to $80.90 per barrel, while the S&P 500 later turned green but remained below Friday’s all-time highs.
Meanwhile, the Japanese yen continued weakening against the dollar, with USD/JPY hitting 159 and nearing the 160 psychological boundary. Economist Mohamed El-Erian warned that “the key to fixing a currency ‘mispricing’ is getting the policy mix right” and that Japan must act more decisively, as posted on X.
Despite institutional inflows that Glassnode described as “exceptionally strong” — US spot Bitcoin ETFs recorded net inflows of $865.3 million last week, per Farside Investors — analysts warned the BTC price rebound “remains tentative.” Glassnode’s Market Pulse update noted that spot-market momentum has returned toward neutral and buying accelerated, but “overall centralized exchange turnover remains subdued.” The firm pointed to a divergence: improving demand within a consolidation regime rather than broad speculative expansion.
Separately, CryptoQuant data showed hedge funds flipped net long on CME BTC futures, a rare occurrence. CEO Ki Young Ju explained on X that the basis trade keeps them structurally short, but this time “the suits are betting on upside.”
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