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Bitcoin Holds $105K as Geopolitical Uncertainty Looms; Glassnode Signals Strong Demand
Bitcoin began the new trading week in Asia hovering around $105,000, according to data from CoinDesk. The market remains cautious amid lingering uncertainty over the potential escalation of the Israel-Iran conflict into a broader regional war.
In a Friday market note published on Telegram, QCP Capital reported that BTC risk reversals have flipped sharply bearish, with short-term put options now trading at a 5 volatility point premium over equivalent calls — a sign of growing anxiety and increased hedging.
Despite this defensive tone in derivatives markets, QCP noted that bitcoin’s underlying resilience remains intact. Even as over $1 billion in leveraged long positions were liquidated during last week’s volatility, on-chain data points to sustained institutional accumulation, which is helping anchor BTC around current levels.
“Markets are stuck in a bind,” QCP wrote, warning that sentiment across digital assets will likely stay reactive to headline risks in the near term.
Still, longer-term trends remain encouraging. According to Glassnode, BTC’s current cycle gain of 656%, while smaller than the 1,076% (2015–2018) and 1,007% (2018–2022) returns of prior bull markets, reflects the growing maturity of the asset class given bitcoin’s larger market cap today.
Galaxy Research Downplays OP_Return Backlash
The recent debate over Bitcoin’s OP_Return function has been overstated, according to Galaxy Digital’s Alex Thorn. In a research note, Thorn dismissed criticism around arbitrary data on the blockchain as a “loud but small group of critics” overreacting with “wild accusations” about Bitcoin’s death.
Thorn emphasized that mempool congestion is historically low, and fears of data overload or network bloat are unfounded in current conditions. He also highlighted the irony of such complaints, noting Satoshi Nakamoto himself embedded arbitrary data — such as the “Chancellor on brink of bailout” headline — in the Bitcoin Genesis Block.
Instead of dwelling on semantics, Thorn urged the community to refocus on meaningful upgrades, such as CheckTemplateVerify (CTV) — a conservative opcode that would enable more secure spending rules. Thorn said 20% of Bitcoin’s hashrate has already signaled support, but emphasized the importance of slow, consensus-driven progress.
Bybit Unveils Solana-Based Decentralized Exchange, Byreal
Bybit is making a significant move into DeFi with the launch of Byreal, a Solana-native decentralized exchange. CEO Ben Zhou announced over the weekend that the testnet will go live June 30, with the mainnet rollout planned for later this year.
Byreal aims to blend centralized exchange performance — including deep liquidity and fast execution — with DeFi’s transparency and composability. The platform will feature a “fair launchpad” and yield vaults linked to Solana-native assets like bbSOL, positioning it as a competitor in the growing on-chain trading space.
Market Snapshot – June 16, 2025
- BTC: Holding steady at $105,000, following a sharp drop last week that wiped out over $1B in leverage, including a $200M long liquidation on Binance. Risk sentiment remains fragile amid Israel-Iran concerns.
- ETH: Up 2% to $2,550, rebounding from support at $2,510. Continued institutional inflows are helping offset broader market anxiety.
- Nikkei 225: Gained 0.87%, leading Asia-Pacific equities higher as investors monitor Middle East tensions.
- Gold: Rallied to $3,447, a one-month high, amid safe-haven demand and rising odds of a September Fed rate cut.
