The world’s largest cryptocurrency was last down 1.9% to $74,274.8
Bitcoin dropped below the $75,000 level on Wednesday amid continued uncertainty in Iran-U.S. peace talks and heavy outflows from crypto-focused exchange-traded funds.
The world’s largest cryptocurrency was last down 1.9% to $74,274.8 at 22:16 GMT.
Several outlets on Wednesday reported that Iran had obtained a draft of an initial, unofficial structure for a memorandum of understanding (MoU) that would end hostilities with the U.S., citing Iranian state TV.
As per the details of the MoU, the U.S. would lift its blockade of Iran’s ports and would withdraw all forces from the country’s vicinity, while Iran would restore commercial shipping through the critical Strait of Hormuz to pre-war levels within a month.
The U.S. president had earlier on the weekend said an MoU had been largely negotiated after a call with regional leaders, boosting hopes for an imminent end to the war. But those hopes were dented on Tuesday after the U.S. carried out defensive strikes on Iran and the latter said it had retaliated.
Meanwhile, reports pointed to a reported $1.3 billion block sale of shares in BlackRock’s iShares Bitcoin Trust ETF, known as IBIT, executed on a dark pool trading venue, which coincided with Bitcoin’s latest sharp decline.
U.S. spot Bitcoin ETFs saw $1.74 billion of outflows over the past two weeks, including a $1.29 billion IBIT dark-pool block (large private off-exchange trade) on Tuesday that coincided with the intraday reversal from near $78,000 to below $76,000, Dessislava Ianeva, analyst at Nexo Dispatch, said.
Aggregate ETF net asset value nevertheless remains sizable at $98.4 billion — approximately 6.5% of Bitcoin market capitalization — indicating sustained institutional positioning despite the near-term softness, Ianeva added.
The weakness in cryptocurrencies recently has contrasted with broader equity markets.
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