Bitcoin Price Stagnates as Iran Deal Optimism Fails to Boost Crypto

The Bitcoin price has stagnated at $67,217, while other cryptocurrencies like Ethereum and Solana have experienced significant gains. The Iran deal optimism that boosted equities was met with a muted response from Bitcoin, which only gained 0.3% over the past 24 hours.

According to Jimmy Xue, co-founder and COO of Axis, 'Oil dropped more than 4% and Asian equities jumped more than 3% on the ceasefire, but BTC barely budged.' This is not the first time Bitcoin has round-tripped a relief rally, as it did after the April ceasefire and June 9 strikes collapsed.

The demand structure underneath this bounce is weak, with US spot bitcoin ETF outflows totaling approximately $5.4 billion over four straight weeks. The institutional bid has not clearly returned, and profit taking was visible in Monday's overnight session.