{"version":"1.0","type":"rich","provider_name":"Acast","provider_url":"https://acast.com","height":250,"width":700,"html":"","title":"June 3: Iran Sanctions, and Crypto Treasury Weakness Drive","description":"Brief Summary:
- Bitcoin briefly fell below $66K this morning before rebounding toward roughly $66,800.
- Ethereum fell below $1,900, confirming weakness after losing the $2,000 level earlier this week.
- Bitcoin is down nearly 12% over the past week as ETF outflows continue to accelerate.
- U.S. spot Bitcoin ETFs recently posted a record 10-day outflow streak totaling $2.97 billion.
- Crypto-linked stocks are also under pressure, including Strategy, Coinbase, and Circle.
- Strategy’s recent sale of 32 BTC for about $2.5 million continues weighing on sentiment because it broke the company’s long-standing accumulation narrative.
- Digital asset treasury inflows reportedly collapsed to about $180 million in May, down 95% from April.
- Software and AI-related stocks are outperforming Bitcoin, showing that risk capital is rotating away from crypto and toward tech.
- The U.S. Treasury sanctioned four Iran-based crypto exchanges: Nobitex, Bitpin, Ramzinex, and Wallex.
- Reuters reported Nobitex was accused of helping Iran’s government and sanctioned institutions, including the IRGC, evade Western sanctions.
- AP reported Nobitex handled more than half of Iran’s digital asset transactions last year.
- Crypto PACs are spending millions in U.S. primaries, with Maryland becoming the next major focus.
- Liquidation risk remains elevated after yesterday’s large wipeout and today’s break below $66K.
- CoinDesk says Bitcoin is now near the lower boundary of the long-term Power Law corridor, a level that historically has preceded rebounds.
- A new BIS working paper highlights how stablecoin flows may influence short-term U.S. Treasury yields.
","author_name":"Matt Diemer"}