This week the bitcoin price stabilized after an initial spike of volatility due to Middle East tensions, and high oil prices. The bitcoin price was above $71,000 early in the morning but is now around $70,000.
Crude oil began to move in the turbulence over the weekend after disruptions at the Strait of Hormuz. above 100 dollars per barrel Global markets have reacted with risk assets.
Bitcoin’s price dropped along with the equities market during the initial selling, slipping into the range of mid-$60,000 before finding support.
Bitcoin price finds support
Pullbacks triggered an on-chain wave. Blockchain data Glassnode data shows that between $60 and $70,00 BTC were exchanged during the correction. This is equivalent to over $40 billion in bitcoin. More than 200,000 BTC from that total appeared only in the past two weeks.
This shift led to a cluster of ownership in this range. Around 1.558 million BTC were traded between $60,000-$70,000 last, which is an increase from the 997,000 BTC that was trading at the beginning of this year.
This concentration, say analysts, could create a support zone for the market because many holders share a common cost base.
Checkonchain data The graph also shows about 60% of bitcoins are currently in profit. This leaves around 40% with an average price of over $70,000. This mix shows the unbalanced distribution of entry levels after the rapid rise in bitcoin earlier this year.
Institutional flows continued forming the market structure despite volatility. After five weeks of net outflows, U.S. bitcoin spot exchange-traded fund recorded approximately $568 million last week. Data from SoSoValue shows that the products hold more than $55 billion cumulatively in net flows since launch.
Enflux Market Maker said The bitcoin price was able to hold up relative to other investments during the initial risk-off energy-driven move. The company noted that the asset stabilised in the range of mid-$60,000 even when oil prices spiked and stocks dropped.
The macroeconomic developments have shifted once again after the comments of U.S. president Donald Trump suggested The conflict between Iran and the United States could be resolved sooner than anticipated. Oil prices fell The equity markets have recovered their losses from the weekend, and this has helped risk assets rise across all asset classes.
Nasdaq’s tokenized shares
Yesterday, while macro-forces drove the short-term trades, another development on capital markets caught everyone’s attention.
Nasdaq announced Plans to launch tokenized shares through a partnership Payward, parent company of the crypto exchange Kraken. Through Kraken’s xStocks, the initiative plans to distribute blockchain-based public equities.
The framework will tokenize exchange-traded stocks and products and preserve existing corporate governance and shareholder rights. Kraken is the distribution partner, and will also act as a settlement layer.
Nasdaq is expecting the launch of the system in 2027’s first half, subject to approval by regulatory authorities.
Yesterday’s Strategy said Last week they bought 17,994 bitcoins for a staggering $1,28 billion, increasing their holdings total to about 738,731 BTC valued at $50 billion.
Bitcoin was worth $69,400 at the time this article was written.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: bitcoinmagazine.com
