On June 15, Bitcoin rose nearly 5% intraday to $66,829. Market sentiment improved following Trump’s comments on the Strait of Hormuz shipping lanes, combined with rumors of potential de-escalation between the U.S. and Iran, leading to a decline in oil prices and a broad rebound in risk assets.
The decline in oil prices has boosted risk appetite.
Trump stated on Truth Social that oil-carrying vessels are passing through the Strait of Hormuz. Meanwhile, market rumors have emerged of a preliminary peace arrangement between the United States and Iran. Although these developments have not yet been finalized, they have been sufficient to prompt rapid adjustments in global market expectations.
Crude oil prices fell about 5.7% today, dropping below $80 per barrel to a two-month low. The decline in oil prices has eased concerns about inflationary pressures and increased market expectations that the Federal Reserve may hold interest rates steady or pivot toward rate cuts, which typically benefits risk assets like Bitcoin.
ETF funds flow back, Strategy buys again
Institutional funds also provided support for this rally. Data shows that U.S. spot Bitcoin ETFs recorded a net inflow of $85.9 million today, ending five consecutive days of net outflows.
However, over a longer time horizon, fund flows have not yet fully reversed. Since May 15, related funds have recorded net inflows on only two trading days, with a cumulative outflow of approximately $5.71 billion over the past five weeks. This suggests that today’s rebound reflects more of a temporary easing of selling pressure.
On the same day, Strategy disclosed the purchase of 1,587 bitcoins, amounting to approximately $100 million. Previously, the company had disclosed its first sale of bitcoins in years two weeks ago, sparking market speculation about whether its holding strategy had changed. This recent repurchase has alleviated some of those concerns.
Trigger short covering after breaking a key price level
Market momentum has also been fueled by the derivatives market. After Bitcoin broke through resistance near $65,150, short covering surged rapidly. According to CoinGlass data, total liquidations in the crypto market over the past 24 hours amounted to approximately $556.5 million, with short liquidations totaling around $459.9 million.
Just for Bitcoin, the total liquidation amount for short positions reached approximately $168.7 million, while long positions were liquidated for about $23 million. The buying pressure from forced liquidation of short positions further pushed prices higher.
On-chain and options data indicate that buying pressure emerged during the pullback near $60,000. Glassnode notes that accumulation trends across various wallet addresses have regained momentum. Meanwhile, Bitcoin has returned near the $65,000 level, a region with high options open interest, and market makers’ hedging demands may help stabilize prices in the short term.
The market will continue to focus on the Federal Reserve meeting on June 16–17. Although this rebound has helped Bitcoin recover some of its losses, opinions remain divided on whether it signals a trend reversal.