Bitcoin has fallen 16% over the past week, with selling accelerating on June 9 after the US Central Command announced military operations against Iran, citing “legitimate defense.” Bitcoin dropped another 3% following the statement, hitting as low as $61,766. The US military response targeted the area near the Strait of Hormuz after an American Apache helicopter was brought down. Former President Donald Trump argued on Truth Social that the US needed to respond, while Iranian authorities denied intentionally targeting the helicopter.
Geopolitical Trigger Wipes Out $136M in Longs
Tensions spilled into crypto leverage markets. CoinGlass reported $136 million in long positions liquidated within 24 hours of the military announcement, with Bitcoin trades accounting for most forced closures. Primal Fund co-founder Griffin Ardern noted that the optimistic positioning typical of market bottoms in long-term options is not yet visible, warning the downtrend may continue in the short term.
Institutional Shift: Strategy Sells Then Quickly Rebuys
Michael Saylor's company, Strategy, long known for stockpiling BTC, executed a rare partial sale, unsettling investors. The firm swiftly repurchased 1,550 BTC worth roughly $101 million, but the brief sell move weakened confidence in institutional holding resolve. Bitcoin also slipped below its 200-week moving average last week. Observers closely watch this level, with some analysts interpreting the breach as a signal that the market may be entering a weaker phase.
Key Price Floor: Realized Price at $53K in Focus
Analyst Ted Pillows emphasized that Bitcoin's bottoms have never formed above the realized price (currently $53,000) in previous cycles, suggesting BTC may slide to the $50,000–$52,000 range before finding a cyclical floor. Realized price is an on-chain metric representing the average acquisition cost of all Bitcoins at their last movement, often used to assess long-term support.
Retail Accumulates, Whales Reduce, ETF Outflows Hit Record
Santiment data shows a clear split: addresses holding less than 0.01 BTC increased holdings by 0.36% over the past two weeks, while wallets with 10 to 10,000 BTC reduced balances by 0.20%. US-listed spot Bitcoin ETFs extended their outflow streak to 13 consecutive days, with total net exits exceeding $5.5 billion.