Bitcoin erases weekend gains, oil prices rise 5% on Hormuz tensions
TechFlow news, August 11, according to Cointelegraph, Bitcoin fell below $64,500 on Monday, wiping out weekend gains, correcting in sync with US stocks. Market concerns persist as Iran remains cautious about the reopening of the Strait of Hormuz; the Iranian Vice Speaker stated "There is no military solution to the opening of the Strait of Hormuz," WTI crude oil rose nearly 5% to $80.90/barrel on the day, and the yen continued to weaken against the US dollar, touching 159.
Despite price pressure, Glassnode data shows US spot Bitcoin ETFs saw net inflows of $865.3 million last week, with institutional fund inflows being "exceptionally strong." CryptoQuant pointed out that hedge funds have shifted to net long on CME Bitcoin futures; CEO Ki Young Ju called this a "rare" signal, indicating some funds are betting on upside potential, but analysts warn that the rebound remains "tentative."
