Despite the war in the Middle East and clearly weaker sentiment across equity markets—driven by rising oil prices and renewed inflation concerns – Bitcoin has reacted relatively calmly. Following the Israeli and U.S. strikes on targets in Iran, BTC briefly dropped to around $63,000 on Saturday morning, but has since rebounded by roughly 5% and is now stabilizing near $66,500. On-chain data initially confirmed selling pressure in BTC derivatives, with liquidations peaking at approximately $1.8 billion in positions, yet the market quickly regained balance.

Source: CryptoQuant

Somewhat surprisingly, short-term holders did not engage in массов selling, which may suggest a phase of “supply exhaustion” at this stage…