Overview
- U.S. forces carried out multiple strikes on Iranian targets late this week after an attack on a commercial vessel, and Iran responded by announcing an indefinite closure of the Strait of Hormuz.
- The closure threatens global oil flows through a key chokepoint and revives a wartime premium that can push energy prices higher and add upward pressure to inflation measures.
- The Federal Reserve left the funds rate at 3.50%–3.75% in June and minutes showed officials discussing possible further hikes, a policy backdrop that weighs on non-yielding assets like Bitcoin.
- Spot Bitcoin ETFs reversed an eight-week outflow streak with about $197.4 million of weekly inflows, but that only recovers a small fraction of roughly $8.26 billion withdrawn over the prior two months.
- Bitcoin has recovered from below $60k to trade around $64k while analysts say a decisive break above $65k would be the key technical signal that forced selling may be exhausted and a cycle bottom is forming.