Bitcoin (BTC) climbed back above $65,000, briefly reaching $67,210 Monday, its highest level since early June.
Notably, the key catalyst was unexpected geopolitical developments that boosted global risk appetite, with US President Donald Trump saying progress had been made in Middle East negotiations.
“The deal with the Islamic Republic of Iran is complete,” Trump wrote on Truth Social, adding that he had authorized the reopening of the Strait of Hormuz and the lifting of a US naval blockade.
The announcement triggered a broader market response, with oil prices falling by about 5% as fears of supply disruption eased. Risk assets rallied, and crypto markets quickly followed.
Within 24 hours, total crypto market capitalization rose more than 2% to around $2.24 trillion, reflecting renewed investor demand for risk exposure.
 
On-chain data provided stronger confirmation of the rally’s momentum. CryptoQuant analysts reported a clear “whale supply U-turn,” showing that large holders have shifted from selling to accumulation.
Analyst Woominkyu noted that selling pressure from long-term holders has effectively ended.
“Dormant Selling Ends: Inflow CDD plunged from 2.16M to near-zero (33K), showing long-term whale dumping has completely stopped,” the analyst said.
He added that whales aggressively absorbed liquidity at the $61,400 bottom, with the Exchange Whale Ratio surging to 62.3%, indicating heavy accumulation during the dip.
Notably, more than 11,400 BTC, worth about $700 million, was withdrawn from exchanges and moved into cold storage during the rebound. This sharp decline in exchange reserves is typically seen as a sign of long-term holding and reduced immediate selling pressure.
“The wealth transfer from weak hands to strong hands is complete,” the analyst stated, highlighting an accumulation zone between $60,000 and $61,500.
Institutional participation added further support to the rally. Late Monday, Michael Saylor announced that Strategy purchased 1,587 BTC between June 8 and June 14 for roughly $100 million at an average price of $63,024 per coin.
This brings its total holdings to 846,842 BTC, valued at about $56.6 billion, representing roughly 4% of Bitcoin’s total supply. The continued accumulation by large entities has helped stabilize price action and reduce available supply on exchanges.
Despite the recovery, analysts remain split on whether Bitcoin has formed a durable bottom.
Last Wednesday, CryptoQuant’s Julio Moreno warned that downside risk remains, suggesting Bitcoin could revisit $53,600, its realized price, a key metric representing the average cost basis of market participants. Historically, Bitcoin has often bottomed near or below this level during major corrections.
In contrast, Standard Chartered takes a more bullish stance. Analyst Jeffrey Kendrick argued that Bitcoin likely bottomed at $59,000, driven by macro uncertainty and weakening sentiment.
“Winter is over. Welcome back to crypto spring,” Kendrick said, pointing to investor capitulation as a sign of cycle lows.
That said, the rally reflects a mix of easing geopolitical tensions, whale accumulation, and institutional demand. However, lingering macro risks and potential retests of lower support levels continue to temper sentiment.
At press time, BTC was trading at $65,749, reflecting a 1.21% drop in the past 24 hours.
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