Bitcoin drops to $64,000 as Iran strikes hit crypto
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- Bitcoin pulled back to roughly $64,000 after hitting a $65,500 monthly high on Wednesday, with BTC down 1.1% and ETH down 1.7% since midnight UTC as profit-taking and Iranian strikes on U.S. Gulf bases drove the move.
- XRP open interest climbed to a 10-day high of 2.21 billion XRP alongside a 0.6% spot price decline and a negative cumulative volume delta, a combination the source flags as typical growing bearish exposure.
- MORPHO defied the broader selloff, rising 3.5% to $2.1047 as it eyes the $2.20 resistance level that triggered a rejection to $1.85 on July 2.
- CASHCAT, a memecoin on the newly launched Robinhood Chain, saw its market cap collapse from $220 million in its first week to $91 million despite still clearing roughly $60 million in daily trading volume.
- PUMP and ZEC each fell 4.4% as Tuesday's strong rallies faded, underscoring thin two-way liquidity, while HYPE, SOL and ENA lost 1.3%-1.8% and NEAR, JUP and DASH posted steeper declines.
- On Deribit, BTC call open interest and volume rose notably at $70,000 and $72,000 strikes, pointing to a bull call spread betting on a rally to $72,000 by end-July even as spot prices slipped.
- CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11 trillion and RWA perpetual volumes hitting a record $311 billion.
Why it matters: Spot crypto is retreating despite June's first CEX volume rebound in five months ($1.11T spot, record $311B RWA perps), and the Iran-driven risk-off hit equities too — Nasdaq 100 futures extended a 30-day downtrend. The disconnect is in derivatives: traders are paying up for $70K-$72K BTC calls even as spot rolls over, suggesting big players are hedging downside or positioning for a July squeeze rather than chasing the move lower.
