Live markets: Bitcoin drops as yen, Iran ceasefire collapse
Hedge funds have turned the most bearish on the yen since 2007, boosting bets on further losses to nearly 138,000 contracts as of June 30.
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Hedge funds have turned the most bearish on the yen since 2007, boosting bets on further losses to nearly 138,000 contracts as of June 30.
Spot bitcoin ETFs still lost a net $526.6 million over the shortened holiday week, an eighth straight week of negative flows.
Bitcoin touched $63,882 overnight before retreating to around $62,900, per CoinDesk data. Sunday’s high held briefly before sellers pushed it back down.
The record outflow beat the previous worst month by 29% and came on nine consecutive days of redemptions to close the period.
IBIT alone shed $300 million while smaller funds absorbed some of the outflow. The selloff lands as the same AI trade that crashed Korea a week ago now powers a record quarterly rally there.
U.S. equity futures rose after reports the U.S. and Iran agreed to halt strikes and resume talks. Bitcoin has barely moved, still down 6.8% on the week.
BTC sees a relief bounce as Asian stocks wilt following sharp losses on Wall Street.
A liquidation flush took bitcoin to its lowest since early June before Micron’s blowout earnings and SK Hynix’s U.S. listing plans steadied the AI trade that crypto had been sliding alongside.
Trading firm Wintermute’s options desk puts bitcoin in a $61,242 to $63,563 range for Tuesday, with correlation rising across tokens and no fresh ETF bid in sight.
After nearly two years of declines, alts have run out of sellers and steadied, while bitcoin has dropped hard, sliding back toward $63,600.