As the new week begins in Asian markets, Bitcoin (BTC) is hovering near the $105,000 mark, influenced by escalating fears of a potential conflict between Israel and Iran. Insights from trading firm QCP highlight a growing inclination toward short-term hedging, with sell orders outweighing buys in recent activity. Despite widespread liquidations, on-chain metrics continue to reflect consistent interest from institutional players. Meanwhile, Bybit has revealed that the test phase of Byreal, its decentralized exchange built on the Solana blockchain, is set to go live on June 30.
Rising tensions between Israel and Iran are shaking investor confidence, prompting a shift toward short-term BTC selling and safer asset classes. This uncertainty has led to sharp market volatility, including the liquidation of a $200 million long position on Binance, with total leveraged positions exceeding $1 billion wiped out.
According to QCP, the market remains highly responsive to geopolitical headlines while awaiting clearer direction. Despite these challenges, on-chain metrics show that Bitcoin is currently advancing with a gain ratio of 656% in this cycle. While this lags behind previous bull cycles—1076% from 2015–2018 and 1007% from 2018–2022—the broader market adoption and increased maturity of BTC continue to sustain strong institutional interest.
Within the Bitcoin development sphere, discussions around the OP_Return parameter continue, with Alex Thorn of Galaxy Research asserting that the concerns are largely overstated. Based on historical blockchain performance and persistently low network congestion, Thorn noted that OP_Return has not compromised Bitcoin’s core functionality.
He suggests that the community’s focus would be better directed toward future proposals such as CheckTemplateVerify (CTV), which could deliver meaningful enhancements in custody and security. Thorn stressed the importance of a deliberate, consensus-driven process for upgrades, given Bitcoin’s open-source foundation, emphasizing that gradual innovation is vital to preserving the ecosystem’s integrity.
In parallel, Bybit CEO Ben Zhou announced the upcoming launch of Byreal’s test version on June 30. Built on the Solana blockchain, Byreal seeks to merge the reliability of centralized exchanges with the efficiency and openness of decentralized finance (DeFi). The platform will introduce new Solana-integrated products and yield-generating asset vaults, with the full mainnet launch expected later this year.
Despite ongoing geopolitical tensions and market instability, Ethereum (ETH) recorded a nearly 2% gain, climbing to the $2,550 mark, driven largely by continued institutional backing. As investors considered rising commodity prices and geopolitical unpredictability, Asia-Pacific equities markets began the week on a high note, with Japan’s Nikkei 225 index rising 0.87%.
Meanwhile, traditional safe-haven assets saw notable rallies. Rising conflict in the Middle East, along with expectations of a Federal Reserve rate cut, pushed gold to a one-month peak of $3,447 in early Asian trading. Oil prices also extended their upward momentum, reflecting heightened market caution.
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