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Bitcoin holds near $73K amid U.S.-Iran tensions and ETF sell-offs
Bitcoin fell on Monday, remaining near a two-month low as risk appetite weakened amid renewed military clashes between the United States and Iran, while hopes for a peace agreement faded.
Bitcoin was also under pressure from large-scale selling of exchange-traded funds (ETFs) by institutional investors over the past three weeks, with sales exceeding $3 billion.
The broader cryptocurrency market also declined on Monday.
Bitcoin fell 1.1% to $73,261.4 as of 06:12 GMT. The world’s largest cryptocurrency was near its lowest levels since early April.
Bitcoin posts losses amid Iran tensions and ETF slump
Bitcoin is recording losses for the third consecutive week, with the decline intensifying last week amid increased uncertainty linked to the U.S. and Israeli war against Iran.
Over the past week, the United States and Iran exchanged missile and drone strikes at least twice, with the latest attacks taking place in the early hours of Monday.
These strikes threatened an already fragile ceasefire between the two countries and effectively contradicted statements from U.S. officials that a peace agreement with Iran was close.
Weak broader risk appetite triggered a wave of Bitcoin ETF sell-offs by institutional investors.
According to aggregator SoSoValue, $1.4 billion was withdrawn from U.S. ETFs over the past week — the largest outflow since late January.
Last week was the third consecutive week in which capital outflows from Bitcoin ETFs exceeded $1 billion, indicating persistent negative sentiment among institutional investors toward crypto markets.
A significant share of last week’s outflows came from a $1.26 billion block sale of BlackRock’s IBIT. Crypto investment firm NYDIG suggested that this may have been a rapid exit by a large investor from its position.
Crypto market today: altcoins remain uncertain as weekly losses build
The broader cryptocurrency market fell across the board following Bitcoin. Like the world’s largest cryptocurrency, most altcoins have also suffered significant losses in recent weeks.
Ether, the world’s second-largest cryptocurrency by market capitalization, fell 2% to $1,989.01, while XRP also declined by 2%.
Solana and Cardano each lost about 2%, while BNB underperformed the market, falling nearly 6%.
See also: "Bitcoin holds above $73K as CME launches 24/7 trading"
