Bitcoin Price Drops Amid Geopolitical Tensions and Risk Sentiment Weakening

Bitcoin's price fell on Monday after gaining over 4.5% the previous week, due to weakening risk sentiment caused by renewed tensions in the Strait of Hormuz and potential US-Iran peace deal rejection. The largest cryptocurrency by market capitalization traded lower at around $80,900 as of writing.

Strong institutional demand has been supporting BTC's gains, with spot Exchange Traded Funds (ETFs) recording their sixth consecutive week of inflows. According to SoSoValue data, these ETFs saw weekly inflows of $622.75 million last week.