- The Crypto Fear & Greed Index remained in the “greed” zone, with a score of 60, after Israel’s recent airstrikes on Iran.
- Bitcoin dropped 2.8% to $103,000, despite nearing its all-time high of $111,970 earlier in the week.
- According to CoinGlass, over $1.74 billion in Bitcoin long positions could be at risk if the price falls below $100,000.
- Spot Bitcoin ETFs recorded $1.37 billion in inflows over the past week, while spot Ether ETFs saw outflows of $2.1 million.
- Bitcoin’s decline following the latest conflict was less severe than its 8.4% drop after Iran’s direct attack on Israel in April 2024.
The Crypto Fear & Greed Index, which measures overall sentiment in the digital currency market, stayed in the “greed” zone with a score of 60 on Sunday. This steady confidence comes after Israel launched airstrikes on Iran, leading to increased geopolitical tensions and market attention.
Bitcoin, the largest cryptocurrency by market value, fell 2.8% to $103,000 on Friday after the reported explosions in Tehran. Earlier in the week, Bitcoin had approached its May 22 all-time high of $111,970. By the time of reporting, Bitcoin was trading at $105,670 according to CoinMarketCap, while Ether, the second-largest cryptocurrency, dropped 10.8% to a low of $2,454 before recovering to $2,534.
Market observers commented on Bitcoin’s stability amid the unrest. Crypto analyst Za stated on X, “Bitcoin does not seem concerned about the Israel and Iran conflict (yet).” Anthony Pompliano, a crypto entrepreneur, posted, “Bitcoin is relentless.” Traders have shown confidence that Bitcoin will remain above the key $100,000 level, first reclaimed on May 8. According to CoinGlass, a drop below this price could risk over $1.74 billion in long positions, which are bets that the price will rise.
Spot Bitcoin exchange-traded funds (ETFs) showed strength, with $1.37 billion in new inflows during the last five trading days, as reported by Farside. By contrast, spot Ether ETFs broke a 19-day streak, posting $2.1 million in outflows.
The recent decline in Bitcoin was less sharp than in April 2024, when Iran directly attacked Israel, leading to an 8.4% drop in Bitcoin’s price on April 13. After that event, the Fear & Greed Index dropped from “Greed” to “Fear” in less than three weeks.
Bitcoin’s seven-day change was a slight rise of 0.07%, while other assets like Ether saw notable declines during the same period.
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