Oil Price Surge to $100 Triggers Crypto Market Pullback
Oil prices have surged above $100 following the breakdown of U.S.-Iran negotiations, leading to a pullback in risk assets. Bitcoin faced resistance near $74,000, while Ethereum fell from $2,330 to approximately $2,180. Despite rising geopolitical risks, option implied volatility and skew have returned to pre-conflict levels, indicating a calming of market hedging sentiment. Meanwhile, ETF inflows continue to support the market, with IBIT recording approximately $612 million in net inflows over the past week.