Bitcoin Near $63k Amid Iran Tensions and ETF Outflows
Bitcoin edged higher on Thursday, gaining 1.3% to close at $62,954.7 by 09:24 ET (13:24 GMT). The rally followed a recent dip to $59,000 last week, marking a partial recovery from that low. The price advance occurred as investors weighed the prospect of a pause in the U.S.–Iran conflict and continued concerns over rising U.S. interest rates, which have been pressured by strong employment and inflation data.
U.S.–Iran Geopolitical Developments
The market focus remained on the ongoing U.S.–Iran hostilities. Early Thursday, U.S. and Iranian forces exchanged airstrikes, with President Donald Trump warning Tehran of further attacks unless a peace deal was immediately accepted. The U.S. military later announced it had ceased its latest strikes, sparking limited optimism for de‑escalation. Iran responded with airstrikes on several Gulf targets, and the broader dispute over its nuclear program and control of the Strait of Hormuz persisted, keeping overall risk appetite subdued despite modest gains in global equity markets.
Spot Bitcoin ETF Outflows
Institutional investors continued to pull capital from cryptocurrency exchange‑traded funds. Data from SoSoValue showed a $213.85 million outflow from spot Bitcoin ETFs on Wednesday, an increase from the $77.4 million withdrawn on Tuesday. These outflows are part of a broader trend of more than $5 billion exiting spot crypto ETFs over the past three weeks.
SpaceX IPO Anticipation
The outflows coincided with heightened interest in SpaceX’s upcoming initial public offering. The private launch‑vehicle company is targeting a $75 billion raise at a $1.75 trillion valuation, scheduled for Friday. The prospect of a large‑scale IPO appears to be prompting both institutional and retail investors to rotate out of risk assets such as crypto and gold to free up cash.
Broader Crypto Market Movements
Altcoin prices showed limited movement. Ether (Ethereum) traded near flat at $1,647.59 after recent sharp declines, with spot Ether ETFs also experiencing sustained outflows. XRP slipped 1.6%, Solana added 0.3%, and Cardano remained largely unchanged. Binance’s BNB rose 1.1%, while meme‑coins Dogecoin and the $TRUMP token gained 0.3% and 1.3% respectively.
Additional Context
Analysts noted that a rotation into artificial‑intelligence stocks has added further pressure on crypto markets in recent weeks. The article was contributed by Vahid Karaahmetovic.