Bitcoin slid to $76,000 today under the weight of five simultaneous headwinds: a technical rejection at the $83K–$85K resistance band, record-scale ETF outflows from BlackRock and peers, the 10-year US Treasury yield touching its highest level in a year alongside Japan's 30-year yield hitting an all-time record, Iran-driven oil price spikes that historically pressure risk assets, and $666 million in crypto liquidations that flushed a significant layer of leveraged positions from the market.
The macro backdrop is doing the heaviest lifting. Rising yields compress risk appetite globally, and the inverse correlation between oil prices and ETH is, according to Fundstrat's Tom Lee, at its highest level ever — meaning the Iran tension trade is hitting crypto harder than most realise.
On-chain data from Binance Research offers a counter-narrative: nearly 60% of Bitcoin supply hasn't moved in…
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