Bitcoin turned back after a short increase of $64,000 and stayed at $63,000 on Tuesday, almost even in the daytime, but still rose by about 6 per cent during the week. This round of rebound was not interrupted by the large currency sales disclosed by Strategy this week, although the recovery in oil prices and the risk of shipping in the Middle East put renewed pressure on the market.

Strategy kept up the rebound after selling the money.

CoinDesk data show that bitcoin once touched $64,400 and then fell back to about $63,170. Previously, Strategy disclosed that 3,588 bitcoins had been sold, with an estimated $216 million. This was the largest reduction in size after the company abandoned its “never sell” position.

Despite the sale, Bitcoin maintained the recent rebound. By the end of June, bitcoin had fallen to close to $58,000, down by about 21 months, and then returned to over $60,000. The Ether Workshop is currently hovering around US$1,770, with an increase of about 11.6 per cent in the week; XRP and Solana have largely secured most of the increase last week.

Derivatives risk avoidance costs are significantly increased.

Some traders believe that the fall is more of a phase-out than a starting point for the next round. The ARP Digital partner Yusuf Fakhro states that the institutional buyout was significantly weakened, that the outstanding futures contract at the Chicoma Bitco has been reduced to a low of 32 months, and that the duration structure has been narrowed to its most tight level since the beginning of 2023.

He also noted that the fourth-highest-ever slanting of the monthly slant showed that the market paid a higher cost to prevent the decline. Similar levels had previously appeared only in the vicinity of June and November 2022, both of which were close to the low point of the previous cycle.

  • CME Bitcoin futures contracts are down to 32 months low
  • 6 The cost of protection for lower monthly options has risen to the fourth highest in history.
  • Bitcoin was more than $5,000 at the end of June.

Hormuz risked up oil prices.

At the macro level, an attack on a transport ship loaded with liquefied natural gas near the Strait of Hormuz pushed Brent crude oil up by about 0.6 per cent to US$ 72.45 per barrel. The market is concerned that if the situation in Iran deteriorates again, there is a risk of a new impact on risk assets.

Since this year, energy shocks and the weakness of AI and chips have slowed down the encryption market. This week, however, there has been a split between the two: bitcoin performance has been relatively smooth as the Asia Science and Technology Unit continues to decline. The continuation of the rebound will depend on the expansion of the ETF financial flows and the continued warming of geo-risks.