๐ BTC Dips to $62.5K as Iran Shuts Strait of Hormuz - ETFs Just Snapped 8-Week Outflow Streak
Bitcoin fell roughly 1.7% today after Iran announced closure of the Strait of Hormuz following U.S. airstrikes on Iranian military targets, sending oil surging 3%+ toward $79/barrel. Ethereum also pulled back, trading near $1,771 after opening above $1,805. The bearish macro backdrop is clashing with a bullish institutional signal: spot BTC ETFs recorded $197.4M in net inflows last week, snapping eight straight weeks of withdrawals that started in May. Institutions appear to be buying the dip - does that cushion hold if the Hormuz standoff drags on? Not financial advice.
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