Bitcoin (BTC) price recently dropped along with the broader market, triggered by the escalation of conflict in the Middle East. Over the weekend, US airstrikes on Iranian nuclear facilities rattled global markets, with BTC briefly dropping below $99,000—its lowest level since May 8 earlier this year—before rebounding into the low $101,000 to $102,000 range.
The geopolitical tensions and risk-off sentiment have prompted traders to reassess their hedges and risk exposure in real time.
One of the most significant fallout effects has been a massive wave of liquidations: from June 20 through June 23, over $1.5 billion in crypto long positions were liquidated, with Bitcoin alone accounting for roughly $422 million—about 28% of the total long liquidations.
In contrast, Bitcoin short positions have seen materially less action, with only $99.7 million liquidated, illustrating that bullish traders bore the brunt of the sudden pullback.
Despite the liquidations, the quick rebound above $100,000 following the wave of forced selling suggests that BTC largely remains stable. Furthermore, institutional interest in Bitcoin continues to rise, as more firms add Bitcoin to their coffers.
Institutions Accumulate Bitcoin Aggressively Despite Volatility
Metaplanet, the Tokyo-based investment firm that rebranded itself around a Bitcoin-centric strategy earlier this year, added 1,111 BTC to its treasury on June 23. The purchase brought its total holdings to 11,111 BTC, just shy of Tesla’s reported Bitcoin reserves. Metaplanet finalized the acquisition at approximately $117 million, purchasing Bitcoin at an average price near $105,500 per coin.
The move followed a 1,112 BTC purchase earlier in the month, signaling an aggressive accumulation strategy that now positions Metaplanet among the top eight publicly listed corporate holders of Bitcoin.
Through a combination of zero-interest bond issuances and a planned $5.4 billion capital raise, Metaplanet aims to acquire up to 210,000 BTC by the end of 2027. Its approach closely mirrors Strategy’s debt-fueled Bitcoin accumulation model, but with a broader global investor base and faster treasury scaling.
The firm’s equity has responded positively, with its BTC-per-share growth metric—branded as “BTC Yield”—reportedly rising over 8,800% since 2023.
Furthermore, Michael Saylor’s Strategy added another 245 BTC to its reserves, spending $26 million at an average purchase price of $105,856 per coin. This latest buy brings the firm’s total holdings to 592,345 BTC, with an estimated market value exceeding $59.97 billion.
Meanwhile, Cardone Capital took its first significant step into the Bitcoin treasury model. The $5.1 billion real estate firm disclosed a 1,000 BTC purchase, estimated at around $101 million. The company also launched the 10X Miami River Bitcoin Fund, combining a 346-unit residential asset with a $15 million Bitcoin allocation.
Profits from the property will reportedly be reinvested into further BTC purchases, as part of an ongoing plan to acquire 3,000 more coins.
Arthur Hayes Stays Bullish, But Short-Term Risks Mount
Arthur Hayes, co-founder of BitMEX, remained bullish on Bitcoin’s future price. Following the recent drop below $100,000, Hayes posted a statement on X declaring that the “weakness shall pass.”
The remark came after BTC plunged to $98,500 on June 22 in response to escalating Middle East tensions. While the broader market interpreted the event as a bearish breakdown, Hayes suggested that such volatility is noise within a long-term structural bull cycle.
His bullish stance rests on macroeconomic drivers: continued central bank liquidity, fiat currency debasement, and rising global instability. For Hayes, Bitcoin remains the primary hedge against systemic risk, and dips like these are accumulation opportunities. However, his tone implicitly acknowledges short-term downside, framing it as temporary rather than invalidating the broader uptrend.
Meanwhile, multiple independent technical indicators contradict any immediate bullish narrative. Analyst Jesse Olson confirmed that Bitcoin has hit two of four major downside targets, with lower zones near $92,500 and $87,000 still in play. Olsen’s prediction implied sellers were in control unless BTC reclaims lost support.
Similarly, data from Bitcoinsensus shows a weekly bearish divergence between price and RSI—a pattern that preceded the 2021 cycle top and hints at weakening momentum despite recent highs.
Adding to the caution, Santiment flagged a retail sentiment mismatch. As retail chatter shifted heavily toward bearish terms like “lower” and “below,” the price rebounded slightly, suggesting contrarian positioning. But the rebound lacked follow-through, reinforcing the fragility of current support.
Hayes may be right about the long-term trajectory, but the short-term outlook remains structurally weak, with multiple signals pointing to further downside risk.
