Bitcoin faced rejection at $69,000 after President Donald Trump's speech failed to resolve tensions in Iran, causing oil prices to soar. Traders cut exposure to Bitcoin amid rising concerns about the private credit markets and weak US jobs data. Blue Owl, a major alternative asset manager, reported redemption requests from its private credit funds, adding to market stress. Meanwhile, net outflows from US-listed Bitcoin ETFs reached $450 million, reflecting weak institutional demand. Companies like MARA Holdings and Riot Platforms sold significant amounts of BTC, further pressuring the market. However, an improvement in risk perception could support a potential rally above $75,000, driven by economic stimulus efforts and institutional absorption of selling pressure.
Crude WTI oil (left) vs. Bitcoin/USD (right). Source: TradingView
US federal gross debt, USD trillions (left) vs. percentage of GDP (right). Source: crfb.org
US-listed spot Bitcoin ETFs daily net flows, USD. Source: Farside Investors