“Very Different and ‘Strange’”

Risk sentiment deteriorated as uncertainty around a potential U.S.-Iran ceasefire pushed BTC down from around $72K midweek to $67K, while the S&P 500 fell 1.74%, Brent crude rose to $109/bbl

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Market Snapshot: Overnight Moves

Daily Updates:

• President Trump’s lack of commitment to confirm the possibility of a ceasefire yesterday weighed heavily on risk-sentiment across asset classes.

• Bitcoin has fallen from the $72K level it reached in the middle week and now trades around $67K, while the S&P 500 fell 1.74%, its biggest drop since the war began on Feb 28.

• ETH is down 2% on the day, though continues to trade above $2,000. Spot Ethereum ETFs saw their seventh consecutive day of outflows yesterday, with $392M exiting the funds since March 18. The last time the funds saw this long of an outflow streak was between Dec 11 and Dec 19, 2025 when outflows amounted to $705.6M.

• U.S. spot Bitcoin ETFs saw $171.2M in net outflows on Thursday, the biggest one-day withdrawal since March 6.