Bitcoin Approaches $107,000 Following Ceasefire and Market Optimism
Crypto prices increased on Wednesday following a temporary ceasefire between Iran and Israel, which eased fears of an oil supply disruption. Key points include:
- The price of Bitcoin rose to nearly $107,000, up 1.7% in 24 hours.
- The broader CoinDesk 20 index gained 1%.
- Concerns remain regarding the ceasefire's stability after a U.S. intelligence report questioned the effectiveness of military strikes on Tehran’s nuclear capabilities.
- Federal Reserve Chair Jerome Powell indicated a cautious approach toward interest rate cuts, noting persistent inflation concerns.
- Consumer confidence data showed a decline, lowering two-year Treasury yields to 3.78% and increasing the likelihood of a July rate cut to approximately 20%.
- Traders are adopting a neutral stance around the June 27 expiry, with expectations of tight price action near $105,000 and $100,000.
- Calls for Bitcoin options at $108,000 and $112,000 suggest a slight bullish sentiment.
Upcoming Events
- Crypto
- June 25: Core (CORE) activates Theseus hard fork.
- June 25: ZIGChain (ZIG) mainnet goes live.
- June 30: CME Group introduces spot-quoted futures for major assets, pending regulatory approval.
- Macro
- June 25: Fed Chair Powell testifies before Senate Committee.
- June 26: U.S. Census Bureau releases May durable goods orders data.
- June 26: Bank of Mexico announces interest rate decision.
Market Movements
- BTC is at $106,693.69 (+1.36%)
- ETH is at $2,421.55 (+0.19%)
- CoinDesk 20 index is at 2,988.28 (+0.56%)
Derivatives Positioning
- BTC futures basis on offshore exchanges has risen to 5%.
- Perpetual funding rates suggest a moderately bullish outlook.
- Bitcoin put-call ratio indicates increased interest in downside protection ahead of a significant options expiry.
ETF Flows
- Spot BTC ETFs: Daily net flows of $588.6 million; cumulative net flows of $47.58 billion.
- Spot ETH ETFs: Daily net flows of $71.3 million; cumulative net flows of $4.09 billion.
Token Events
- June 30: Optimism (OP) unlocks 1.79% of its circulating supply worth $17.13 million.
- July 1: Sui (SUI) unlocks 1.3% of its circulating supply worth $122.31 million.
- Governance votes ongoing for Arbitrum DAO and Polkadot Community proposals.