During Monday’s Asian trading session, Bitcoin continues to face pressure, with prices moving further lower. On the geopolitical front, tensions between the U.S. and Iran have escalated again, and risk-averse sentiment spread quickly, dealing a clear blow to crypto—high-volatility, zero-yield, speculative assets.

As of 12:26 p.m. Beijing time, Bitcoin was at $62,853.4, down 1.8% on the day. The entire crypto market also weakened, with most major coins posting collective pullbacks. The price center of gravity continued to hover in the year’s low range, and the lackluster trend since last week has not been alleviated.

Looking at a longer time horizon, since the U.S.-Iran conflict began to intensify, the interest-rate environment and geopolitical risk have remained sharp “blades” hanging over the crypto market—an increase in the risk-free rate directly weakens the willingness to hold non-yielding assets. Bitcoin is still down by roughly 50% compared with its historical peak from last October, and overall market sentiment remains cautious, even pessimistic.

Meanwhile, AI-related stocks have continued to attract capital, and signs that funds are flowing out of the crypto sector are becoming increasingly apparent. According to SoSoValue, Bitcoin ETFs have recorded net outflows for eight straight weeks. Institutional appetite for allocations has clearly cooled, and the short-term positioning structure still looks unfavorable. For the outlook, unless the macro environment shows an improvement beyond expectations, Bitcoin may continue to grind its way lower repeatedly in the bottom range. #伊朗宣布关闭霍尔木兹海峡