Bitcoin Surges Past $65K Amid U.S.-Iran Deal, Skepticism Remains
- Over $4.8 billion has exited U.S. Bitcoin ETF products since May, indicating weak institutional demand.
- Bitcoin is trading at $65,860, up by 2.2% in the last day and by 4% over the past week.
- The options market’s negative skew of -4% to -5% shows traders are paying a premium for downside protection.
- A recent downward difficulty adjustment of -10.09% was recorded on the Bitcoin network due to squeezed miner margins.
Despite Bitcoin’s recent price surge following a reported U.S.-Iran peace deal, skepticism remains due to continued weak institutional interest and capital outflows from Bitcoin ETFs. The options market reflects this cautious sentiment with traders seeking downside protection.
The exit of over $4.8 billion from Bitcoin ETF products highlights ongoing challenges in attracting institutional capital, despite geopolitical developments potentially influencing short-term price movements. (Source)
