Crypto Rebound Limited, ETFs and Fed Remain Weighed
Bitcoin moved in a limited upward movement on Thursday (June 11th), with its latest price hovering around US$62,743, after hitting an intraday low of US$61,089 and a high of US$63,153. This recovery suggests the crypto market is gaining some ground after previous selling pressure, but overall sentiment remains fragile.
Short-term support comes from hopes that the US-Iran escalation will not immediately escalate into a full-blown war. Reuters reported that oil prices moved relatively stable as investors weighed the risks of war, with news that US-Iran negotiations were still ongoing, including discussions regarding frozen Iranian funds. However, uncertainty remains high as the Strait of Hormuz and military strikes continue to loom large over global markets.
For Bitcoin, the fundamental path remains tied to risk appetite. If the conflict subsides, riskier assets like crypto could find support. However, if oil prices rise again due to the Hormuz disruption, inflationary pressures could persist and reinforce expectations of high interest rates. This condition typically weighs on Bitcoin as market liquidity tightens and investors prefer safe-haven assets like the US dollar.
Another pressure comes from institutional fund flows. SoSoValue data shows that spot Bitcoin ETFs are still recording outflows, after the market was weighed down by large fund withdrawals in previous weeks. SoSoValue also noted that pressure on crypto ETFs remains a major investor concern, so Bitcoin's recovery is unlikely to be solid as long as fund flows remain stable.
Market rotation is also holding back crypto. Investors are said to be reducing positions in riskier assets like crypto and gold to prepare liquidity ahead of the SpaceX IPO, which, according to a Wall Street Journal report, is targeting a nearly US$75 billion raise with a valuation of around US$1.75 trillion. At the same time, AI and computing infrastructure continue to dominate the market, preventing interest in crypto from fully recovering.
Altcoins are moving more limitedly. Ethereum is hovering around US$1,646, with an intraday range of US$1,605–US$1,667. This movement indicates that altcoins have not yet found a strong catalyst for a more aggressive rebound. For now, the crypto market will continue to be influenced by US-Iran developments, oil price trends, Fed expectations, spot ETF flows, and fund rotation into AI stocks and major IPOs. (Arl)
Source: Newsmaker.id
