MarketsProfit-Taking in Bitcoin, Ether, and Solana as Traders Await Iran Agreement
While a US-Iran agreement has resulted in lower oil prices and boosted stocks, Bitcoin's recovery remains tentative. Analysts suggest that the market is waiting for the deal's formal signing before fully factoring it in.
By Shaurya Malwa Updated Jun 16, 2026, 4:50 a.m. Published Jun 16, 2026, 4:48 a.m. 3 min read
- Bitcoin briefly surpassed $67,000 but has not followed the broader stock and oil market rally as traders remain cautious regarding the Iran peace deal.
- Market experts highlight that crypto investors are hesitant after two previous ceasefire attempts quickly unraveled, with many opting to wait for the June 19 signing and the Federal Reserve's decision this week.
- Spot Bitcoin ETFs have recently experienced four weeks of significant outflows, indicating that institutional interest remains low, even as some coins are being withdrawn from exchanges into cold storage.
Bitcoin BTC$65,803.01 briefly traded above $67,000 late on Monday, before falling back below $66,000, reflecting the cautious approach of the cryptocurrency market towards the Iran peace agreement that has positively influenced other asset classes.
As of Tuesday, the cryptocurrency was priced at $65,845, marking a 0.3% increase over the past 24 hours and a 4.8% rise over the week, according to CoinDesk data. It reached a high of $67,217 within 24 hours before declining. Ether performed better, rising 2.8% to $1,764 and 5.8% weekly. Solana increased by 3.2% to $73, XRP also gained 3.2% to $1.22, and Hyperliquid's HYPE led the major tokens, up 6.3% to $69.
On Monday, the macroeconomic environment improved significantly. President Donald Trump and Vice President JD Vance signed an electronic memorandum of understanding with Iran, with Trump announcing the partial reopening of the Strait of Hormuz, expected to be fully operational by Friday.
Brent crude prices fell below $83 per barrel, experiencing the largest drop in over two weeks. The S&P 500 index rose by 1.7% on Monday, and the Nasdaq 100 increased by 3.1%.
Despite these positive developments, Bitcoin's reaction has been muted.
Jimmy Xue, co-founder and COO of Axis, remarked in an email, "Oil dropped more than 4%, and Asian equities surged over 3% due to the ceasefire, but BTC barely moved." He described the situation as a relief rally that the market has not fully embraced yet, rather than a clear shift towards risk-taking in Bitcoin.
This cautious stance is understandable, considering this is the third ceasefire attempt, and Bitcoin previously retraced its gains after both the April ceasefire and the June 9 strikes fell apart. Trump also mentioned that the agreement could be revoked if Iran does not comply with demands to halt its nuclear program.
Traders seem to be holding off on making any commitments until the June 19 signing in Switzerland, according to Xue.
The current demand landscape sheds light on the recent profit-taking activity. US spot Bitcoin ETFs have just seen a halt to four consecutive weeks of outflows totaling approximately $5.4 billion, including a record week that saw nearly $3.4 billion in outflows, indicating that institutional buying interest has not yet returned robustly. However, a positive indicator is the ongoing transfer of coins from exchanges to cold storage, which could limit supply if demand picks up.
Not all market participants are viewing the situation with caution, however.
Chris Perkins, the incoming head of Franklin Crypto at Franklin Templeton, expressed in an email, "It's a constructive setup for risk assets, including crypto. With the SpaceX IPO behind us, which seemed to drain some retail liquidity from the crypto market, it will be intriguing to see if the improving macro landscape draws retail investors back in."
Perkins also noted that the passage of the CLARITY Act, which aims to clarify whether digital assets are classified as securities or commodities—a matter currently deemed uncertain by prediction markets—could further encourage institutional involvement.
The upcoming central bank meetings present a near-term challenge. The Bank of Japan has raised its benchmark rate to 1%, the highest level since 1995, while the Reserve Bank of Australia is expected to maintain its current rate on Tuesday, and the Federal Reserve will announce its decision on Wednesday.
For Bitcoin, which behaves like a high-beta risk asset, the outcomes of the Fed's decision and the signing on Friday will determine if this current bounce can be sustained or if it will reverse like the previous two instances.
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CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
By CoinDesk Research17 hours agoIn May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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