With the start of the new week in Asian markets, Bitcoin (BTC)
$ 106,719 is fluctuating around the $105,000 level, impacted by concerns over a potential conflict between Israel and Iran. Data from QCP trading company indicates a rising trend in short-term hedging and a dominance of sell positions over purchases. Despite large-scale liquidations, on-chain data reveals sustained interest from institutional investors. In parallel, Bybit announced that the test version of its Solana 
$ 157-based decentralized exchange, Byreal, will launch on June 30.
Geopolitical Uncertainty Sways Markets
The growing tension between Israel and Iran is unsettling investors, driving them towards short-term BTC sales and less risky assets. This situation caused severe market fluctuations, including the closure of a $200 million long position on Binance. In total, leveraged positions worth over $1 billion were liquidated.
QCP’s analysis highlights the expectation of clarity on geopolitical developments, with the market reacting sensitively to major news flows. Nonetheless, on-chain data reveals that BTC is moving with a gain ratio of 656% in the current cycle. Although this is below levels from past bullish periods (1076% in 2015-2018, 1007% in 2018-2022), Bitcoin’s achieved broader market capitalization and maturation indicate ongoing investor demand.
Technological Discussions and New Platform
Within the Bitcoin developer community, ongoing debates about the OP_Return parameter saw input from Galaxy Research’s Alex Thorn. Thorn argued that this issue is not as critical as some claim. Historically low network congestion and current blockchain data indicate that OP_Return has not led to a “collapse” in Bitcoin’s functionality.
Thorn believes it would be more productive for the community to shift its focus to new upgrade proposals like CheckTemplateVerify (CTV). CTV has the potential to bring significant innovations in custody and security areas for Bitcoin. He emphasized that reaching consensus on technological updates in Bitcoin, owing to its open-source nature, is crucial and that a cautious, incremental approach benefits the ecosystem.
Additionally, Ben Zhou, CEO of Bybit, declared the commencement of the test version of the Solana-based decentralized exchange, Byreal, starting on June 30. Byreal aims to combine the advantages of centralized exchanges with the transparency and speed of decentralized finance (DeFi). The platform is expected to offer new products integrated with the Solana ecosystem and asset vaults promising yield. The mainnet is planned to go live later this year.
Developments in Other Cryptocurrencies and Regional Markets
Despite geopolitical tension and market fluctuations, Ethereum (ETH) 
$ 2,629 increased by approximately 2%, reaching the $2,550 level. ETH continued to receive support, especially from institutional investors. Asia-Pacific stock markets started the week with gains; Japan’s Nikkei 225 index rose by 0.87%. Regional investors are assessing geopolitical risks and rising commodity prices.
Traditional safe-haven assets such as gold and oil significantly gained. Tensions in the Middle East and Federal Reserve’s interest rate cut expectations pushed gold to a one-month high of $3,447 at the start of the Asian session. Oil prices also maintained an upward trend.
