Bitcoin Plummets Below $73,500 as Institutional Backing Fades

The cryptocurrency market is under pressure due to the ongoing geopolitical tensions in the Middle East. The delay in the US-Iran ceasefire extension has led to a decline in institutional backing for Bitcoin, causing its price to fall below $73,500.

According to Sosovalue data, Bitcoin Exchange-Traded Funds (ETFs) have recorded over $1 billion in outflows over the last four days. This is the third consecutive week with such significant outflows, indicating a strategic capital restructuring away from Bitcoin.

The looming geopolitical risk in the Middle East has weakened institutional confidence in high-risk assets like Bitcoin. US President Donald Trump is considering a 60-day ceasefire renewal with Iran, which includes nuclear negotiations but no reopening of the Strait of Hormuz. This development has led to a decrease in investor confidence, resulting in long liquidations of over $653 million on Thursday.

Despite this negative trend, Stellar and Hyperliquid are shining bright. Stellar has extended its strong bullish phase, with a 24% rally in the previous day. It is currently trading below $0.2000 and pressing against the 200-day Exponential Moving Average (EMA) at $0.1985.

Hyperliquid, on the other hand, is hovering above $60 and retaining its bullish near-term bias. Its price holds well above the 50-, 100-, and 200-day EMAs, suggesting a firmly supported uptrend.