Bitcoin has struggled to break above $75,000 despite a recent rally driven by short-covering in futures and options markets. The price briefly surpassed the level but quickly fell back below.
Meanwhile, onchain energy markets, particularly those on Hyperliquid, have seen significant trading volume in oil and commodity futures. Analysts suggest that blockchain-based platforms are becoming more important for price discovery when traditional markets are closed.
The Iran conflict has also spurred interest in commodities, with ETFs and key metals like nickel seeing increased demand. This trend could divert capital from Bitcoin and other crypto assets.
Inflation concerns are rising due to the oil price surge, potentially leading central banks to delay interest rate cuts. This could weigh on risk assets, including cryptocurrencies.
