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Bitcoin (BTC) approached $66,000 on Monday after news of a US-Iran peace agreement triggered a broad rally across risk assets, helping the world’s largest cryptocurrency recover from last week’s drop below $60,000.
BTC was trading at $65,778.17 at the time of writing, up more than 2% over the past 24 hours and near its highest level in almost two weeks.
The move followed announcements from US President Donald Trump and Iranian officials that both sides had agreed to end hostilities and move toward reopening the Strait of Hormuz, one of the world’s most important oil shipping routes. Markets responded quickly as traders reassessed the inflation and growth risks that had weighed on sentiment since the conflict escalated earlier this year.
Bitcoin’s advance coincided with gains across equity markets and major cryptocurrencies as traders rotated back into risk assets following the announcement of the US-Iran agreement.
The agreement is expected to reopen the Strait of Hormuz after the formal signing scheduled for Friday. The prospect of uninterrupted energy flows pushed Brent crude down more than 4% toward $83 per barrel, while Asian stock markets advanced, and S&P 500 futures moved higher.
Rising oil prices had added to inflation concerns in recent months, reducing expectations for lower interest rates and weighing on risk assets. The decline in crude prices eased part of that pressure, helping support demand for assets such as Bitcoin.
The recovery also marks a sharp turnaround from last week, when Bitcoin briefly traded below $60,000, its lowest level since October 2024. Monday’s move left the asset roughly 9% above those lows.
Part of Bitcoin’s advance appears to have been driven by traders unwinding bearish positions.
CoinGlass data showed nearly $136 million in Bitcoin liquidations over the past 24 hours, with short positions accounting for almost $117 million of that total. When short sellers are forced to close positions, they must buy back Bitcoin, creating additional upward pressure on price.
The wave of short liquidations likely amplified Bitcoin’s gains after positive geopolitical headlines reached the market.
Crypto trader Martini Guy said the rally appeared to be driven largely by futures activity rather than spot buying. In a June 15 post on X, he described Bitcoin’s advance as a potential short squeeze and said the next test would be whether spot buyers support the move as US markets open.
Bitcoin is doing exactly what I warned about yesterday.
Price is moving back into the liquidity sitting above the market.
So far, this looks like a textbook short squeeze.
The big question now is what happens when the US market opens.
My suspicion is that most of this move… pic.twitter.com/E8bIrW8K7j
— That Martini Guy ₿ (@MartiniGuyYT) June 15, 2026
While market sentiment improved, institutional flows have yet to show a decisive recovery.
According to SoSoValue data, US spot Bitcoin exchange-traded funds (ETFs) recorded $316 million in net outflows between June 8 and June 12, marking the fifth consecutive week of withdrawals. The figure was smaller than the more than $1 billion weekly outflows seen in previous weeks, but the direction of flows remained negative.
Spot Bitcoin ETFs saw $316M in net outflows last week, marking fifth straight week of outflows
From June 8 to June 12 (ET), spot Bitcoin ETFs recorded $316 million in net outflows, marking the fifth consecutive week of outflows. Spot Ethereum ETFs saw $14.91 million in net… pic.twitter.com/ulUQNtAfPX
— Wu Blockchain (@WuBlockchain) June 15, 2026
BlackRock’s IBIT led last week’s redemptions with roughly $355 million in net outflows, while Fidelity’s FBTC attracted about $55.7 million in net inflows.
Trading activity also remains subdued. According to 10x Research, weekly Bitcoin trading volume stood at $30.1 billion, 36% below historical averages, while total crypto market volumes remained 35% below normal levels. The figures indicate that sentiment improved following the peace agreement, but trading activity remains well below the levels seen during stronger market rebounds.
The divergence between improving macro conditions and continued ETF outflows may become one of the key themes for Bitcoin traders this week. A peace agreement helped remove one of the largest geopolitical risks facing markets, but institutional investors have not yet returned as net buyers.
That backdrop places additional attention on this week’s US Federal Reserve meeting, which follows five consecutive weeks of spot Bitcoin ETF outflows. Investors withdrew a net $316 million from US spot Bitcoin ETFs between June 8 and June 12, according to SoSoValue data.
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