Bitcoin’s Record Miner Sell-Off Casts Shadow Over Ceasefire-Fueled Rebound

Bitcoin miners dumped

Total crypto market cap currently at $2.53 trillion. Chart: TradingView

Markets are now priced around that deadline. Three vessels attempted passage through the Strait of Hormuz early Tuesday, with American and Iranian blockades still active — the first real test of whether the waterway is clearing before any agreement is signed.

Bitcoin has lagged equities throughout this stretch. The MSCI ACWI has been on an 11-day rally that stumbled only once since de-escalation began. Bitcoin, by contrast, spent that same period crawling back from below $75,000 to just above $76,000.

ETF Demand Holds The Floor

Spot bitcoin ETFs pulled in $996 million last week, according to SoSoValue. Ethereum spot ETFs brought in $276 million over the same period. That institutional buying has kept a floor under prices even as miners push supply into the market.

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Research firm Kaiko said a clean break above $76,000 would open a path toward $85,000. Analysts at K33 flagged that same level as a potential short squeeze trigger. On the downside, a slide back below $75,000 — if Wednesday’s deadline passes without a deal — remains the key risk traders are watching.

Bitcoin’s ceasefire rally gave the alpha crypto a lift. The miners are using it to sell. Until that changes, the rebound has a floor but no clear roof.

Featured image from Unsplash, chart from TradingView