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Key Takeaways
- Bitcoin ended the week up 1.4% after Trump said he canceled planned strikes on Iran and that a deal could come as soon as this weekend.
- Oil fell roughly 3% as supply disruption fears eased, with risk assets rebounding broadly across equities and crypto.
- The rebound follows 13 straight sessions of spot Bitcoin ETF outflows totaling roughly $4.4 billion, the longest streak since the products launched.
Bitcoin ended the week higher after President Donald Trump said he had canceled planned strikes on Iran and that a deal with the country could be reached as soon as this weekend. The announcement helped reverse a risk-off mood that had weighed on crypto and global markets through the week.
Bitcoin Climbs Back Above $63,000 After Trump’s Iran Comments
Bitcoin traded at $63,550 on Friday, up 1.6% on the day and 1.4% over the week. The token had fallen earlier in the week to its weakest levels in months before recovering through Thursday and Friday’s sessions.
Trump said on his social media platform that discussions with Iran had been brought to the highest level of Iranian leadership and approved, and that he had canceled scheduled strikes against the country. He said a formal agreement could be signed as soon as this weekend.
Bitcoin moved from around $61,100 to above $63,200 within a single session following the announcement, a roughly 3% gain. The move came after Trump had threatened a harder strike on Iran’s Kharg Island terminal, which handles a large share of the country’s crude exports, hours earlier.
Oil Drops 3% as Iran Supply Fears Ease
Brent crude fell to around $88 a barrel from above $92, a drop of roughly 3%, as the threat of supply disruption tied to the conflict diminished. U.S. crude saw a similar move lower.
Markets appeared to respond to hopes of de-escalation, with oil prices falling and risk assets rebounding broadly across equities and crypto. The move stood in contrast to earlier in the week, when rising tensions had pushed oil higher and weighed on Bitcoin alongside equities.
Asian and U.S. Equities Rally Alongside Crypto
South Korea’s Kospi index rose on Friday as the de-escalation news lifted regional sentiment, with Samsung Electronics and SK Hynix among the index’s biggest movers. Japan’s Nikkei 225 also gained.
The rally extended to U.S. markets, with the S&P 500 and Nasdaq both posting gains following Trump’s announcement Thursday.
Bitcoin’s rebound moved in line with those indexes rather than against them, a pattern consistent with risk-on trading rather than the safe-haven behavior sometimes associated with crypto during periods of geopolitical stress.
Ether, Solana, and XRP Join the Bitcoin Rebound
The rebound was broad across digital assets. Ether rose 1.3% to $1,673, BNB gained 1.5% to $602, and Solana added 3.0% to $67. XRP and Dogecoin each rose more than 2%.
Hyperliquid’s HYPE led major tokens with a 7.6% gain on the day, though it remained the weakest performer over the week. TRON was the only major token to decline, falling 2.0%.
Bitcoin’s rebound followed a record 13-session outflow streak from U.S. spot Bitcoin ETFs, which drained roughly $4.4 billion before ending with a small inflow on June 5, according to SoSoValue data. Whether that trend reverses and whether the weekend agreement Trump described is formally signed remain open questions heading into next week.
