Crypto Market Leverage Cleared After Hawkish Fed Pivot and Iran Deal Collapse

The crypto market has largely cleared its leverage after a week of heavy long liquidations following a hawkish Federal Reserve pivot and the collapse of the Iran-Israel ceasefire deal.

Wintermute's analysis shows that Bitcoin absorbed back-to-back macro shocks, holding the low $60,000 range despite mounting pressure.

The trading firm notes that while leverage has been reset, new buyers have not arrived to replace demand from ETFs and Strategy, leaving the market better positioned defensively than for a sustained recovery.