Bitcoin Clings to $105K as Markets Balance Geopolitical Risk and On-Chain Strength
As the new trading week begins in Asia, Bitcoin is holding steady around $105,000, reflecting a tense equilibrium between macro-driven fear and resilient on-chain demand.
According to a Friday update from QCP Capital, traders remain fixated on the potential fallout from the Israel-Iran conflict, which has clouded the crypto market’s outlook and injected fresh volatility. QCP noted that short-dated BTC puts now carry up to a 5-volatility-point premium over calls — a clear sign of heightened hedging activity.
“Markets are caught in limbo,” the firm wrote, with risk appetite constrained by geopolitical headlines and traders reluctant to take directional bets without greater clarity.
Despite the defensive tone in options markets and a wave of over $1 billion in liquidations, particularly across long positions, Bitcoin hasn’t cracked. On-chain indicators tracked by Glassnode suggest that long-term demand remains strong, particularly from institutional wallets.
Glassnode data shows that BTC has delivered a 656% return in the current cycle, lower than past bull markets but still exceptional given the asset’s scale. With previous cycles posting 1,076% and 1,007% gains, the firm said the current numbers reflect a maturing investor base and a more efficient capital structure.
OP_Return Controversy Overstated, Galaxy Research Says
The recent debate surrounding Bitcoin’s OP_Return usage is largely a distraction, according to Galaxy Research’s Alex Thorn. In a note released this weekend, Thorn downplayed concerns that arbitrary data is clogging the blockchain, labeling such critiques as “alarmist and ahistorical.”
He pointed out that Bitcoin’s mempool is currently near its lowest congestion levels in over a year, and reminded readers that even Satoshi Nakamoto used OP_Return-like data embedding in Bitcoin’s genesis block.
Thorn urged the community to shift focus toward meaningful protocol upgrades, especially CheckTemplateVerify (CTV) — a proposed opcode enabling restricted spending conditions. He noted that 20% of the Bitcoin network’s hashrate has already signaled interest, and called it a “safe, powerful” step toward more secure, programmable custody.
Bybit Rolls Out Solana-Based DEX ‘Byreal’
In a strategic push into decentralized finance, Bybit has unveiled Byreal, a decentralized exchange (DEX) built on Solana. CEO Ben Zhou announced the launch on X, stating that the testnet will debut June 30, with full deployment expected later in 2025.
Byreal aims to bridge the gap between centralized and decentralized trading, offering high-speed execution, liquidity depth, and a fair launchpad designed for Solana-native assets like bbSOL. The move reflects growing institutional interest in Solana’s infrastructure as a DeFi backbone.
Market Summary – June 16, 2025
- Bitcoin (BTC): Holding above $105,000, after withstanding over $1B in long liquidations last week. A key Binance long position worth $200M was among the largest liquidated.
- Ethereum (ETH): Up 2% to $2,550, rebounding from critical support at $2,510, with institutional flows providing price stability.
- Nikkei 225: Gained 0.87%, leading gains across Asian equities amid safe-haven flows and cautious optimism.
- Gold: Surged to $3,447, marking a one-month high as traders position for Middle East instability and potential Fed rate cuts.
