Bitcoin showed resilience over the weekend, rebounding above $64,000 while crude oil futures on the decentralized exchange Hyperliquid pulled back sharply. The moves came after President Donald Trump paused U.S. military strikes on Iran, allowing backchannel diplomacy to continue after 13 straight nights of bombing.
Trump said the U.S. remained “locked and loaded” but confirmed talks with Iranian officials. Vice President JD Vance and Secretary of State Marco Rubio joined the diplomatic channel. The president described two possible paths: a military exit or a negotiated deal.
On Hyperliquid, West Texas Intermediate (WTI) crude dropped to $86.82 from last week’s high of $93, while global benchmark Brent fell to $98. Analysts attributed the pullback to Trump’s history of not following through on threats—a behavior markets have dubbed “TACO” (Trump Always Chickens Out). China’s behind-the-scenes push for negotiations further eased supply fears, though risks remain from potential Houthi escalation closing the Bab al-Mandeb Strait.
For Bitcoin, the geopolitical de-escalation coincided with mixed signals from institutional flows. Spot Bitcoin ETFs suffered over $465 million in net outflows across Thursday and Friday, with BlackRock’s IBIT losing $212 million on Friday alone. Stablecoin transfers to exchanges hit multi-month lows, according to CryptoQuant, signaling limited immediate buying capital.
Despite this, Bitcoin options turned less defensive, Glassnode noted. The put-call open interest ratio fell to 0.52 from 0.76 in late June, and near-term downside hedging unwound. Bitcoin found immediate support between $63,800 and $64,000, with resistance stacked at $65,000–$67,000. The short-term holder realized price near $68,000 remains a key level.
