Bitcoin Steady Near $105K as Geopolitical Uncertainty Persists; Glassnode Flags Strong Underlying Demand
Bitcoin hovered just above $105,000 as Asia opened the new week, reflecting ongoing market caution amid escalating tensions between Israel and Iran. According to QCP Capital, the conflict continues to weigh on sentiment, keeping BTC rangebound and suppressing risk appetite.
In a Friday note, QCP highlighted a shift in market structure, with front-end BTC puts now trading at a premium of up to 5 volatility points over equivalent calls — a classic signal that traders are pricing in near-term downside risk.
Despite the defensive positioning, BTC has shown resilience, QCP noted. Last week’s market rout — which triggered over $1 billion in long liquidations — did not erode institutional demand, which remains visible in on-chain flows and wallet behavior.
QCP concluded that crypto markets remain “tied to geopolitical headline risk,” and any breakout from current ranges likely depends on clarity around global developments.
Still, investor confidence may be underpinned by Glassnode’s latest data, which places BTC’s current cycle return at 656% — below prior cycles (1,076% in 2015–18 and 1,007% in 2018–22), but impressive given bitcoin’s current size. Analysts suggest this reflects maturing capital inflows and longer-term conviction, despite short-term macro headwinds.
Galaxy Digital: OP_Return Criticism Misplaced, Focus Should Be on CTV
Galaxy Research head Alex Thorn pushed back on the recent OP_Return debate, calling it an exaggerated controversy fueled by a small but vocal group. Claims that arbitrary blockchain data threatens Bitcoin’s integrity were overblown, Thorn argued, especially given the current low levels of mempool congestion.
He also pointed to the symbolic use of OP_Return by Satoshi Nakamoto, who embedded text into Bitcoin’s first block, as evidence that arbitrary data isn’t inherently disruptive.
Thorn encouraged the community to redirect its attention toward CheckTemplateVerify (CTV) — a proposed Bitcoin upgrade that would enable programmable spending conditions and safer custody. With 20% of the network’s hashrate already signaling support, CTV is gaining traction as the next major consensus improvement.
Bybit Announces Solana-Based DEX ‘Byreal’ With Testnet Launch by Month-End
Bybit is expanding into decentralized trading with a new Solana-native DEX named Byreal, CEO Ben Zhou announced on X. The platform will launch its testnet on June 30, with mainnet deployment later this year.
Byreal aims to merge the benefits of centralized exchange execution with the transparency and composability of DeFi. Features will include a “fair launch” platform and yield vaults focused on Solana-native assets such as bbSOL.
Market Overview – June 16, 2025
- Bitcoin (BTC): Trading near $105,000, recovering from sharp liquidations as traders hedge geopolitical risk.
- Ethereum (ETH): Up 2% to $2,550, buoyed by steady institutional buying and strong support at $2,510.
- Nikkei 225: Rose 0.87% as Japan led regional equities amid investor wariness over Middle East instability.
- Gold: Hit $3,447, a fresh one-month high, as markets priced in safe-haven flows and a likely Fed rate cut in September.
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