Bitcoin fell 6% over the past week to around $68,000 - far less than U.S. stocks. The S&P 500 broke below its 200-day moving average for the first time since March 2025, while both the S&P 500 and Nasdaq dropped 4-5% this month.
That weakness comes amid escalating tensions in the Strait of Hormuz. After President Donald Trump issued a 48-hour ultimatum to Iran, Tehran threatened to shut the critical oil corridor - pushing crude prices toward $100 a barrel.
Energy is the only major sector gaining; all others are under pressure. Yet Bitcoin’s relative stability reflects earlier deleveraging and sustained institutional demand - especially via U.S. Bitcoin ETFs.
John O’Loghlen of Coinbase said Bitcoin has “materially outperformed traditional assets on a risk-adjusted basis” since the Iran conflict began. Nischal Shetty of WazirX noted steady consolidation, strong support near $67,000, and active buying despite macro uncertainty.
ChainCheck data shows long-term holder selling has slowed - a sign of waning distribution pressure. Next week’s flash PMI reports and oil price action will likely steer Bitcoin’s near-term direction.