Bitcoin briefly traded above $67,000 late Monday before sliding back under $66,000, settling at $65,845 on Tuesday — up just 0.3% in 24 hours and 4.8% on the week. Ether fared better with a 2.8% daily gain to $1,764 (up 5.8% weekly). Solana rose 3.2% to $73, XRP added 3.2% to $1.22, and Hyperliquid's HYPE led majors again with a 6.3% jump to $69. The moves come amid a broad profit-taking pattern as traders wait for clarity on the Iran nuclear deal.
Macro Relief Fails to Ignite BTC
The macro backdrop turned sharply friendlier Monday. President Donald Trump and Vice President JD Vance signed an electronic copy of a memorandum of understanding with Iran, and Trump said the Strait of Hormuz would fully reopen by Friday. Brent crude dropped below $83 a barrel, its biggest one-day decline in over two weeks. The S&P 500 rose 1.7% and the Nasdaq 100 jumped 3.1%. Yet bitcoin barely budged. "Oil dropped more than 4% and Asian equities jumped more than 3% on the ceasefire, but BTC barely moved," said Jimmy Xue, co-founder and COO of Axis, calling it "a relief move that the market hasn't fully bought yet rather than clear risk-on redeployment into Bitcoin."
Third Ceasefire Attempt, Same Trader Caution
The hesitation reflects history — this is the third truce attempt under Trump. Both the April ceasefire and the June 9 strikes saw full relief rally reversals. Trump also said the deal may be called off if Iran does not shut down its nuclear program. Traders appear to be waiting for the June 19 signing in Switzerland before pricing any durability, according to Xue.
ETF Outflows and a Glimmer of On-Chain Support
U.S. spot Bitcoin ETFs just came off four straight weeks of outflows totaling about $5.4 billion, including a record week near $3.4 billion. That streak has only just paused. The marginal institutional buyer has not clearly returned. The one constructive signal is the steady movement of coins off exchanges into cold storage, which tightens available supply if demand does come back. Not everyone reads the situation as bearish, but profit-taking remains the dominant trade for now.