According to Francisco Rodrigues, cryptocurrencies experienced sharp declines amid Israeli airstrikes on Iran, heightening global risk aversion. Bitcoin (BTC) dropped 2.9% to $104,889.07, while the CoinDesk 20 Index fell 6.1%, as per market data. Solana (SOL) plunged nearly 9.5% despite earlier ETF speculation, with OTC trader Jake Ostrovskis noting the SEC's request for updated S-1 filings triggered volatility. Spot Bitcoin ETFs recorded $86.3 million in daily inflows and Ethereum ETFs $112.3 million, according to Farside Investors. Derivatives open interest dropped to $49.31 billion, and liquidations totaled $1.16 billion, primarily from longs, as per CoinGlass data.

According to Francisco Rodrigues, Bitcoin (BTC) rose to near $107,000 as a U.S.-brokered ceasefire between Iran and Israel reduced geopolitical risks, boosting risk assets across markets. Susannah Streeter, head of money markets at Hargreaves Lansdown, noted that doubts about the ceasefire holding persist due to intelligence reports, potentially limiting gains. Federal Reserve Chair Jerome Powell emphasized a wait-and-see approach on interest-rate cuts, citing elevated inflation, which Bitunix analysts stated supports risk assets but requires monitoring of tariff developments and inflation data. Derivatives trader Jake O from Wintermute indicated neutral positioning around $100,000-$105,000 for the June expiry, with call option activity showing modest bullishness for higher targets.

According to glassnode, in collaboration with CME Group, their latest report provides a detailed analysis of Bitcoin market structure in H1 2025, focusing on capital flows, derivatives positioning, investor behavior, and ETF dynamics. The report highlights that capital flows into spot Bitcoin ETFs have increased institutional participation, while on-chain data indicates a shift in investor behavior towards longer holding periods. Derivatives markets, particularly CME Bitcoin futures, show a rising trend in open interest and a preference for hedging strategies among professional traders. The interplay between on-chain and off-chain activity suggests growing market maturity, which is crucial for traders seeking to anticipate price moves and volatility. These insights offer actionable information for cryptocurrency traders monitoring liquidity, ETF inflows, and derivatives market signals (Source: glassnode, CME Group, June 5, 2025).

According to glassnode, the current Bitcoin market is being driven by a combination of realized profit-taking dynamics, changes in derivatives positioning, and active capital rotation between sectors. Glassnode reports that realized profits have increased notably, suggesting that many investors are taking advantage of recent price rallies to secure gains. Derivatives market data shows a shift in open interest, with traders adjusting leverage and exposure in response to volatility. Additionally, capital rotation patterns indicate a flow of funds from Bitcoin into select altcoins, potentially impacting Bitcoin’s short-term price stability. These concrete metrics highlight the importance of tracking on-chain realized profits, derivatives market positioning, and capital flows for informed Bitcoin trading decisions (source: glassnode, June 5, 2025).