Bitcoin Falls Under $64.5K as Oil Jumps on Hormuz Risk
Bitcoin fell below $64,500 after Monday’s Wall Street open, erasing weekend gains. U.S. WTI crude rose about 5% to $80.90 a barrel after remarks that the Strait of Hormuz has ‘no military solution.’
Bitcoin fell below $64,500 after Monday’s Wall Street open, wiping out weekend gains. BTC/USD touched $64,447 on Bitstamp early in the session before a modest rebound. U.S. stock indexes initially fell; the S&P 500 briefly dropped then recovered to positive territory but remained below Friday’s record high.
U.S. WTI crude rose about 5% to $80.90 a barrel as traders reassessed prospects for reopening the Strait of Hormuz. Deputy speaker Ali Nikzad addressed the Islamic Consultative Assembly in Tehran, saying the ‘opening of the Strait of Hormuz has no military solution.’ Oil was trading around $80.90 per barrel at the time of reporting.
Currency markets reflected risk and policy uncertainty. USD/JPY reached about 159 on Monday, near the 160 mark, after a recent joint currency intervention by Japan and the United States. Economist Mohamed El-Erian wrote on X that fixing the yen’s weakness will require more decisive policy action: ‘The yen has been weakening gradually since the large joint Japan-US FX intervention … The longer Japan delays in doing so, the more elusive the goal of this historic intervention becomes.’
Bitcoin analysts described the attempted price rebound as tentative. On-chain analytics firm Glassnode noted that ‘momentum has returned toward neutral and spot taker buying has accelerated sharply, but overall centralized exchange turnover remains subdued.’ Glassnode added that the pattern points to improving demand inside a broader consolidation rather than a broad expansion in speculative activity.
Institutional flows were strong last week. Data from Farside Investors showed U.S. spot Bitcoin ETFs recorded net inflows of $865.3 million. CryptoQuant data indicated hedge funds moved to a net long position in CME Bitcoin futures. CryptoQuant CEO Ki Young Ju wrote on X that the basis trade usually keeps those funds structurally short and that recent positioning reflects bets on upside.
Market participants noted the combination of large ETF inflows and subdued centralized exchange turnover.
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