Overview
- Bitcoin pushed into the high-$70,000s after the U.S.–Iran ceasefire extension eased near-term tension and lifted risk appetite.
- Large buyers added fuel, with BlackRock’s spot ETF purchasing $246 million in one day and about $1.88 billion over 12 days, while Strategy disclosed roughly $2.5 billion in recent Bitcoin buys.
- Derivatives positioning magnified the move as funding rates turned negative, open interest climbed, and more than $200 million in short bets were liquidated in a squeeze.
- On‑chain data show supply tightening as exchange balances fall to multi‑year lows and recent accumulation reached 40,967 BTC, reducing coins available to sell.
- Macro risks reemerged after a Pentagon briefing warned mine‑clearing in the Strait of Hormuz could take months, pushing oil near $95 and bond yields higher, as analysts flag ~$80,000 as a behavioral supply wall that could cap or confirm the rally.