Bitcoin traded near or below $65,000 this week after oil prices surged past $100 a barrel. Attacks on tankers in the Red Sea prompted President Donald Trump to threaten military action against Iran and the Houthis. Spot Bitcoin ETFs recorded $225.2 million in net outflows on July 23.
The largest cryptocurrency fell below $65,000 as Brent crude settled at $100.69 a barrel on July 23, its first close above $100 since May. Oil rose 7 percent that day before easing to around $96.70 later. The 10-year US Treasury yield climbed toward 4.7 percent while the S&P 500 dropped 1.2 percent.
The price action followed strikes on two Saudi tankers that raised fears of wider disruption in energy shipping routes. Trump said Iran would face major military punishment for further Houthi attacks. JPMorgan analysts estimated that each additional month of supply constraints could add $7 to $8 a barrel to Brent.
US spot Bitcoin ETFs posted $225.2 million in outflows on July 23, ending a seven-day inflow streak. On-chain data showed spot demand for Bitcoin remained weak or flat since June. Futures positioning stayed positive but slower than during the earlier rebound.
