Key Takeaways
- BTC climbed 0.4% to $64,129 Monday, supported by enhanced risk appetite stemming from diplomatic progress between the U.S. and Iran.
- U.S.-listed Bitcoin exchange-traded funds experienced their sixth consecutive week of withdrawals, accumulating $5.94 billion in total exits, though the withdrawal rate has decreased significantly.
- The digital asset has maintained weekly settlement prices exceeding $63,000 for three consecutive periods following its 2026 bottom near $59,000.
- Open interest in Bitcoin futures contracts declined 19.5% from June highs, while funding rates normalized to 0.02%.
- Market observer Daan Crypto Trades cautioned that without upward momentum toward the 200 EMA in the near term, a pullback to $60K territory remains viable.
Bitcoin posted a modest advance during Monday’s trading session, appreciating 0.4% to settle at $64,129.44. The upward movement followed encouraging developments in diplomatic negotiations between Washington and Tehran, which bolstered appetite for risk assets across global markets.
Diplomats from the United States and Iran formalized a memorandum of understanding during the G7 gathering in France, establishing a cessation of hostilities and committing to reopen the strategically vital Strait of Hormuz. The agreement includes a 60-day negotiation period for additional diplomatic efforts.
However, weekend hostilities resumed between Israeli forces and the Iran-aligned Hezbollah organization in Lebanon, creating fresh uncertainty. Iran temporarily shuttered the Strait of Hormuz once more before diplomatic channels reopened in Switzerland, where representatives from Qatar and Pakistan facilitated renewed dialogue.
Bitcoin’s upside potential remained constrained by persistent Federal Reserve policy concerns. Expectations for additional rate increases continued to pressure speculative investments, with market participants reallocating capital toward artificial intelligence-focused equities.
Institutional Withdrawal Trend Decelerating
U.S. spot Bitcoin exchange-traded products registered their sixth successive week of negative flows. Cumulative withdrawals across this timeframe reached approximately $5.94 billion.
Yet the withdrawal velocity has diminished substantially. According to Alon Shvartsman, who established Bitcoin analytics platform Newhedge, outflows measured approximately $1.72 billion during early June’s opening week, declining to roughly $227 million in the most recent period.
“If we were witnessing the onset of a comprehensive institutional retreat, accelerating withdrawals paired with pronounced spot market weakness would be anticipated,” Shvartsman explained to Investing.com. “Conversely, Bitcoin continues maintaining the $64,000 to $65,000 range.”
Digital asset analyst Daan Crypto Trades shared observations via X, highlighting that Bitcoin concluded the week above its Weekly 200-day moving average. He cautioned that bullish participants must generate momentum toward the 200 EMA imminently, otherwise a return to $60K levels becomes increasingly probable. “Several altcoins have presented compelling trading opportunities and command my attention in the current environment,” he noted.
Blockchain Metrics Indicate Market Foundation
Bitcoin has achieved three successive weekly closes beyond the $63,000 threshold since establishing a 2026 floor near $59,000. Market analysts observe similarities to accumulation patterns documented in previous market cycles.
Bitcoin futures open interest contracted 19.5% from its June 1 summit of $25.96 billion to $20.89 billion by June 21. This reduction exceeded Bitcoin’s corresponding 11.4% price decline across the identical timeframe, indicating position unwinding rather than fresh short accumulation.
Funding rates have normalized from 0.1% to 0.02%, reflecting diminished long-side leverage throughout the marketplace.
On-chain analytics reveal long-term holders’ realized supply achieved 12.42 million BTC. Bitcoin’s selling pressure indicator has remained dormant for 1,256 consecutive days, establishing the longest inactive period documented.
Network hashrate has mirrored the price trajectory throughout June. Matteo Spinosa of Doefin informed Investing.com this development reflects production cost adjustments aligned with cyclical patterns, dismissing alternative narratives suggesting AI-related miner migration.
