Bitcoin pushed back above $65,000 on Monday as a second consecutive day of de-escalation between the United States and Iran sent oil prices down 5% and revived risk appetite across markets. The move marks a sharp reversal from last week's jitters, when airstrikes and retaliatory fire had traders bracing for a broader conflict. Now, with Omani officials shuttling between Tehran and Washington, both sides are signaling interest in ceasefire talks — and crypto is riding the wave.
The macro backdrop
Ethereum gained over 4% in the past 24 hours, trading around $1,950-$1,965. The ETH/BTC ratio broke above a multi-month downtrend and climbed back toward 0.030 — a sign that altcoins are catching up after weeks of lagging behind bitcoin. The broader rally isn't just about geopolitics. The US pause in bombing Iran and Iran's halt on retaliatory strikes removed a cloud that had been hanging over all risky assets. Crude's slide reinforced the mood: cheaper oil means less inflationary pressure, which markets tend to like.
Liquidations and ETF flows
The move caught many short sellers off guard. Over $200 million worth of crypto positions were liquidated in the past day, the vast majority of them shorts. That's a familiar squeeze pattern when a macro-driven rally accelerates. Meanwhile, institutional flows tell a more measured story. Spot Bitcoin, Ethereum, Solana, and XRP ETFs attracted a combined $152 million in weekly inflows, even though Bitcoin ETFs saw minor outflows earlier in the week. The net positive suggests institutional demand is holding up despite the volatility.
Exchange exits and memecoin moves
BitMart announced plans to wind down operations after nearly nine years, becoming the latest exchange to shutter. It follows recent exits by AscendEX and BitMEX — a reminder that the exchange landscape is still consolidating. On the memecoin side, Shiba Inu climbed roughly 25% over the past week. No single catalyst drove the move; it's more likely a combination of the broader risk-on mood and some speculative rotation.
Strategy's pause and quantum chatter
Strategy — the company formerly known as MicroStrategy — has gone four straight weeks without buying any additional Bitcoin. The firm appears to be building cash reserves ahead of earnings. Michael Saylor teased 'another color' on social media, which fans took as a hint at a new corporate strategy or perhaps a rebranding of the company's Bitcoin holdings. Separately, fresh discussion around quantum computing has resurfaced. Many experts argue that governance remains a bigger challenge than any immediate technological threat — a point worth watching as the debate matures.
Reports suggest the final version of the CLARITY Act could arrive this week, but Senate hurdles remain. If the bill clears, it would be the most significant US crypto legislation in years. If it stalls, the regulatory vacuum continues. Either way, the next few days will tell.
