Bitcoin recovered to near $63,700 on June 12, gaining about 1% over 24 hours, as easing U.S.-Iran tensions and progress on a landmark Japanese crypto regulation bill restored some risk appetite.
The bounce came after President Donald Trump canceled planned strikes on Iran and suggested a deal could be reached soon. Oil prices fell on the news, with Brent crude dropping toward the mid-$80s, reducing concerns that higher energy costs would keep the Federal Reserve hawkish. Glassnode data showed that options market fear eased after one-week implied volatility briefly spiked to 65% during the selloff and then fell back near 40%, indicating traders viewed the drop as contained.
Spot Bitcoin ETFs recorded $19.03 million in net outflows on June 11—the fifth straight day—while Ethereum ETFs saw $15.89 million in outflows. Among major altcoins, Solana traded around $66.69 (up 1.95%), XRP near $1.14 (up 3%), and Ethereum near $1,671 (up 0.97%). The broader market rebound followed a June crash driven by a hawkish Fed, Iran escalation, leverage unwinds, and outflows.
In a development with long-term implications, Japan’s House of Representatives passed amendments to bring major digital assets like Bitcoin and Ethereum under the Financial Instruments and Exchange Act, classifying them similarly to securities. The bill, now awaiting a final vote in the House of Councilors, would shift oversight from the Payment Services Act, impose insider trading restrictions, raise prison terms for selling unregistered digital assets from three to ten years, mandate annual disclosures, and expand the authority of the Japan Securities and Exchange Surveillance Commission. Industry observers expect lower taxes and potential crypto ETFs once the law takes effect next year, marking a significant legitimization of digital assets in the world’s third-largest economy.
The positive sentiment also drew attention to pre-IPO speculation on SpaceX-linked perpetual futures, where Binance processed $287 million in daily volume and Hyperliquid open interest exceeded $115 million.