Bitcoin tops $65,000 after U.S.-Iran deal; Fed meeting looms

Bitcoin rose above $65,000 on Monday after a weekend announcement that the United States and Iran reached a peace agreement that reopens the Strait of Hormuz. The token hit an intraday high near $65,940 and was trading around $65,668 at the time of reporting. Ethereum traded near $1,724.

President Donald Trump announced the agreement, mediated by Pakistan, which calls for the immediate removal of the U.S. naval blockade and the reopening of the waterway through which roughly 20% of global crude oil transits. Prime Minister Shehbaz Sharif announced: “Following intensive talks, we are pleased to announce that the Peace Deal between the United States of America and Islamic Republic of Iran has been REACHED. Both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon.” The framework is scheduled for a signing ceremony in Switzerland on June 19.

Markets moved quickly after the announcement. West Texas Intermediate crude fell about 5% to roughly $80 a barrel and Brent slipped below $84, after both benchmarks had traded above $110 earlier in the conflict. Equity futures rose and digital assets recovered as traders adjusted positions.

Fund-flow data showed U.S. spot Bitcoin ETFs recorded about $316 million in outflows last week, a slowdown from more than $5 billion pulled from the funds over the prior four weeks. The ETFs posted a net inflow of $85 million on Friday, the largest single-day positive flow in over three weeks.

On-chain data pointed to reduced selling pressure from large holders. An exchange whale ratio rose to 62.3% during the earlier drawdown, indicating large wallets accounted for a greater share of exchange activity. More than 11,400 BTC, roughly $750 million at current prices, moved off exchanges into cold storage, and holdings in wallets with at least 100 BTC halted and reversed a 12-day decline by June 14.

Derivatives positioning remained a factor in price moves. Earlier breaches below $70,000 triggered forced sales as options dealers who were short gamma hedged by selling underlying Bitcoin. The largest negative-gamma strike on the board, valued at about $1.8 billion, is now near current spot. Implied volatility across major crypto assets is below recent realized volatility.

Traders identified key technical reference points: the $65,000 area as the immediate level to watch, $68,000–$70,000 as the range for a stronger recovery, and a fall below $62,000 that would put the $60,000 region back into focus. Attention has shifted to the Federal Reserve, where newly appointed Chair Kevin Warsh will hold his first policy meeting this week and market participants will monitor guidance on interest rates and the outlook for inflation and growth.