Bitcoin Slips to 92 Million KRW (60,300 USD) Range as Middle East Tensions Reignite, Dampening Investor Sentiment
Bitcoin continues its downward trajectory, falling into the 92 million KRW (about 60,300 USD) range. The resurgence of geopolitical risks in the Middle East has cast a shadow over risk assets, dampening investor appetite across the board.
As of 9:00 a.m. (Korean time) on Wednesday, Bitcoin was trading at 92,601,000 KRW (about 60,728 USD) on Bithumb, down 0.21% from the same time the previous day.
Concurrently, CoinMarketCap reported Bitcoin’s price at 61,572 USD, marking a 2.30% decline. In the early hours of the day, Bitcoin briefly touched 60,756 USD, exacerbating its losses.
Middle East tensions, which appeared to be subsiding recently, have once again emerged as a source of market unease. President Donald Trump signaled a potential response after receiving reports that a U.S. military Apache helicopter patrolling the Strait of Hormuz had been shot down by Iran.
Trump asserted that the U.S. must inevitably respond to this attack.
Iran, however, refuted these claims, stating that no aerial operations had taken place in the Strait of Hormuz over the past 24 hours. The country warned of a firm response if the U.S. were to use this incident as a pretext for renewed hostilities.
Securitize CEO: Stock Tokens Set to Drive 7,600 Trillion KRW (4.98 Trillion USD) RWA Market
Carlos Domingo, Chief Executive Officer (CEO) of Securitize, a firm specializing in real-world asset (RWA) tokenization infrastructure, predicts that stock tokens and exchange-traded fund (ETF) tokens will spearhead future growth in the RWA market.
On Tuesday, foreign media reported Domingo’s assessment that the global stock and ETF market is valued at approximately 22,882 trillion KRW (about 15 trillion USD). He suggested that if just 2-3% of this moves on-chain, the market could approach 7,628 trillion KRW (about 5 trillion USD) in size.
Domingo added that the current tokenized asset market, valued at about 45 trillion 765.9 billion KRW (about 30.01 billion USD), has significant growth potential through stock and ETF tokens. While tokenized U.S. Treasury securities have driven market growth over the past two years, he believes stock tokens will become the new catalyst for expansion.
Lekker Capital CIO Warns of Structural Risks for Bitcoin Through Summer
Quinn Thompson, Chief Investment Officer (CIO) of crypto asset management firm Lekker Capital, has issued a cautionary outlook for Bitcoin and the broader cryptocurrency market.
According to foreign media reports on Tuesday, Thompson advised steering clear of the cryptocurrency market this summer, suggesting a reassessment in the latter part of the third quarter.
Thompson highlighted several risk factors, including major initial public offerings (IPOs) from SpaceX, Anthropic, and OpenAI, potential financial strains on Strategy, and concerns surrounding quantum computing. He emphasized that the cryptocurrency market is currently facing a confluence of adverse factors.
Bitcoin ETFs See 5 Billion USD Outflow, Yet Signs of Easing Sell Pressure Emerge
Despite significant capital outflows from U.S. Bitcoin spot exchange-traded funds (ETFs), analysts are detecting signs that selling pressure may be easing.
Foreign media reported on Tuesday that U.S. Bitcoin spot ETFs have experienced approximately 5 billion USD in net outflows since May 15. However, some ETFs, including ARK Invest’s ARKB and Fidelity’s FBTC, have bucked the trend with continued inflows.
Ryan Meyer, co-founder and Chief Operating Officer (COO) of Genius, noted that simultaneous inflows across several ETFs could indicate a broader easing of sell pressure in the market. He suggested that if Bitcoin maintains key support levels, renewed ETF demand could potentially fuel a market resurgence.
