Bitcoin dropped below $76,500 on September 2 after renewed U.S. strikes on Iranian targets pushed oil prices higher and drove Treasury yields up. A global bond selloff added further pressure, though derivatives data show traders aren't rushing to add leverage against the move, and bitcoin exchange-traded products just posted their strongest monthly inflows since November 2024.
Bitcoin dropped more than 1% since midnight to trade around $76,500, down 3% over the past seven days, after heightened U.S. strikes on Iranian targets weighed on risk assets. Brent crude jumped past $93 a barrel and West Texas Intermediate approached $90 as the conflict escalated. The 10-year Treasury yield climbed toward 4.8% on the inflation implications of costlier energy.
A bond selloff tests the rally
The pressure isn't limited to oil and Treasuries. Japan's benchmark 10-year government bond yield held above 3% for a second straight session after touching that level for the first time since 1996 the day before, and U.S. and European yields rose too. Yet bitcoin's pullback from its local high has stayed limited. LMAX Group market strategist Joel Kruger told The Block: "Crypto continues to show its relative resilience against an increasingly difficult global backdrop".
Bitcoin has traded between $76,800 and $81,600 since jumping 23% just over a week ago. Futures and perpetual open interest stood at $38.6 billion, down 1.8% over the past week, with perpetual open interest near four-month lows and funding rates in neutral territory, research firm K33 reported.
Traders stay cautious, ETP demand rebounds
Data from Coinglass shows the 24-hour long-short taker volume ratio flipped bearish, with shorts accounting for 51.5% of the flow, following consecutive days of neutral readings. Trading volume rose 19% to $203 billion over 24 hours, but open interest stayed unchanged near $136 billion for a second day. Still, futures open interest held steady at around 700,000 BTC, well below this year's peak of 801,000 BTC — a sign traders aren't piling on leverage to short the decline.
August, meanwhile, brought a reversal on the buy side. Global bitcoin ETPs took in 52,152 BTC, the most since November 2024, K33's head of research Vetle Lunde noted, while Strategy bought again for the first time since June, adding 4,603 BTC for $369.7 million last week. Markets now price around a 70% chance of a September Fed rate hike ahead of Friday's U.S. payrolls report.
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