Bitcoin recovers as U.S.–Iran jitters fade; traders watch for ETF demand to return

ChainCatcher report: Bitcoin slid from nearly $73,000 to below $60,000 before bouncing to about $63,500. The token is still roughly 50% below its all-time high near $126,000 set in October 2025. The pullback has pushed BTC into valuation bands often seen around bear-market lows, though the market has yet to show the kind of capitulation selling typically associated with a durable bottom. One headline catalyst was activity at Michael Saylor's company, Strategy. On June 1, the firm disclosed it sold 32 BTC, raising about $2.5 million to fund dividends on its preferred STRC shares. While tiny compared with its roughly 845,000 BTC position, the sale drew attention as a potential behavioral shift after Saylor's repeated "never sell Bitcoin" stance. The move may also be aimed at signaling Bitcoin's usability as a corporate treasury asset, not only a long-term hold. Macro forces also shaped price action. Earlier Iran-related tensions lifted oil prices and reinforced worries that interest rates could stay higher for longer, making BTC trade more like a high-beta Nasdaq proxy. Sentiment improved after Trump said the U.S. had effectively ended its war with Iran, officials pointed to progress toward a deal, Brent crude fell toward $85, and U.S. equities rebounded. Risk appetite was further supported by SpaceX's Nasdaq debut on Friday. The stock finished at $161, up 19% from its $135 offering price. Bitcoin's 4.7% weekly gain masks sharp swings: it dipped into levels long-term metrics describe as undervalued, stabilized without a forced-selling cascade, then rebounded as headlines turned more constructive. Market participants say a sustained reversal still depends on demand returning—steady ETF inflows, renewed spot buying, and enough liquidation of underwater positions.