The Iran deal is signed, Hormuz is opening, oil prices are dropping... So why did crypto take a hit while stocks are climbing? 😶😐🫤 Stocks gained momentum from the Iran deal and falling oil prices. However, crypto remains more sensitive to interest rate expectations and direct ETF demand. Geopolitical relief was positive, but the Fed not supporting rate cut expectations and ETF outflows weighed heavier. Around $111 million exited from BTC and ETH ETFs combined. The simultaneous negativity of both assets suggests this isn’t a shift from ETH to BTC, but rather a general risk reduction in crypto. On the Bitcoin chart, the 200-week moving average is around $61,800. BTC briefly dipped below this level at the start of June, but is currently back above it. I see this area as a long-term value zone, but I’m not saying “it’s here, definitely the bottom.” 2022 taught us that Bitcoin can stay below the 200-week average for an extended period. I’ll remain cautious until Bitcoin flips $65,000 back to support and ETF demand makes a comeback.