Bitcoin traded around $65,000 on Thursday as escalating U.S.-Iran conflict drove oil prices higher and pushed Treasury yields to multi-month peaks. Spot Bitcoin ETFs drew nearly $1 billion in inflows over seven sessions. Grayscale Research said the price may have already bottomed.
Bitcoin slipped below $66,000 after a 13 percent rally from early July lows near $57,750. The cryptocurrency changed hands near $65,500, down about 0.7 percent in the latest session, as West Texas Intermediate crude rose toward $91 per barrel and the 10-year Treasury yield climbed to 4.71 percent.
Rising oil prices and bond yields have lifted the odds of a Federal Reserve rate hike next week to nearly 40 percent. The moves follow reports of tanker attacks off Saudi Arabia and U.S. military strikes linked to Iran.
Grayscale head of research Zach Pandl said macroeconomic forces now dominate Bitcoin’s path and that the four-year cycle may no longer apply. Spot Bitcoin ETFs recorded almost $1 billion in net inflows over seven consecutive trading days, the strongest streak since early May.
Separately, BitMEX announced it will cease operations on September 23. The Clarity Act’s passage odds on Polymarket fell to 38 percent after Senate Democrats said the latest draft lacks sufficient consumer protections.
