Bitcoin Drops to $66,000 as ETF Investors Sell ₱20.65 billion ($349 million)
Exchange-traded fund investors dumped ₱20.65 billion ($349 million) worth of shares on Friday, pushing Bitcoin down from a midweek high above $73,000. The sell-off reversed earlier inflows into BlackRock's iShares Bitcoin Trust as Iran-related tensions gripped markets.
Key Takeaway
ETF flows now drive Bitcoin's short-term moves, but geopolitical shocks test its safe-haven narrative.
ETF traders ploughed over ₱53.25 billion ($900 million) into BlackRock's iShares Bitcoin Trust from Monday to Wednesday, then sold ₱8.49 billion ($143.5 million) worth of shares on Friday alone. The reversal came as Iran-related tensions gripped markets, pushing Bitcoin down to $66,000 from a midweek high above $73,000, according to data from Farside Investors.
Swan Bitcoin Managing Director John Haar said Bitcoin behaves as a high-beta risk asset in the short run during geopolitical volatility. But its price is determined more by its monetary properties and increasing adoption in the medium and long run, he added.
Bloomberg Intelligence Senior Commodity Strategist Mike McGlone warned Iran-related risks could push Bitcoin lower, forecasting a potential drop to $50,000. He also predicted silver could fall to $50 per ounce.
MyDoge Founder Jordan Jefferson pointed to Lebanon's 2019 banking crisis as proof that geopolitical chaos can drive crypto adoption. When Lebanese banks froze withdrawals as the lira collapsed, crypto became one of the only ways to transact and store value. Every sanctions crackdown and currency failure reinforces the long-term argument for permissionless financial infrastructure, he said.
Bitcoin was trading at $67,308 on March 8 as prices recovered slowly from the March 7 slide.
This article was written based on reporting from Dlnews.
