Key Takeaways

• Bitcoin recovers: The world’s largest crypto rose 2.2% to $62,673.7, bouncing from last week’s $59,000 low.
• U.S. ends latest strikes: The military signaled it had concluded its latest round of attacks on Iran, spurring de-escalation hopes.
• Trump’s ultimatum: The president threatened more attacks if Tehran did not immediately accept a peace deal.
• Iran retaliates across Gulf: Tehran launched airstrikes against multiple targets in the Gulf in response to U.S. aggression.
• Peace deal impasse persists: Nuclear activities and Hormuz control remain unresolved sticking points.
• ETF outflows intensify: Investors pulled $213.85 million from spot Bitcoin ETFs Wednesday — deepening from Tuesday’s $77.4 million outflow.
• $5 billion in three weeks: The cumulative institutional exodus over the past three weeks continues to weigh heavily.
• SpaceX IPO the big distractor: The company is targeting a $75 billion raise at a $1.75 trillion valuation on Friday — pulling cash from risk assets including crypto and gold.
• AI rotation continues: The shift from crypto to AI-linked equities remains a structural headwind.
• Rate concerns persist: Strong jobs and CPI data keep higher-for-longer rate fears alive.
• Altcoins recover modestly: Ether rose 1.1% to $1,650.22; Cardano gained 3.1%; Solana added 1.2%; BNB rose 1.5%; XRP edged up 0.1%.
• Memecoins bounce: Dogecoin rose 1.4%; $TRUMP jumped 4.1%.

Bitcoin rose on Thursday, recovering some ground from recent losses as investors looked to a potential pause in fighting in the Middle East, while institutional investors continued to pull out of cryptocurrencies.

The world’s largest crypto rose 2.2% to $62,673.7 by 01:56 ET (05:56 GMT). It had fallen as low as $59,000 last week amid a prolonged rout in crypto markets.

Concerns over rising U.S. interest rates also weighed, especially as recent data signaled strength in U.S. employment and inflation.

U.S.-Iran Tensions in Focus After Two Days of Strikes

Market focus remained squarely on the U.S.-Israel war on Iran, amid two days of continued open hostilities.

The United States and Iran traded airstrikes early Thursday, with President Donald Trump threatening more attacks if Tehran did not immediately accept a peace deal.

But the U.S. military signaled it had ended its latest strikes against Iran early Thursday, spurring some hopes for a de-escalation in tensions. Iran had retaliated against U.S. aggression by launching airstrikes against several targets in the Gulf.

Progress toward a peace deal remained largely unclear, amid a continued impasse over Iran’s nuclear activities and its control of the Strait of Hormuz.

The developments kept broader risk appetite largely subdued, although global equity markets were seen regaining some ground on Thursday from recent losses.

Institutional investors continued to pull out of exchange-traded funds, with outflows intensifying on Wednesday after briefly cooling earlier in the week.

Investors pulled $213.85 million from spot ETFs on Wednesday, data from SoSoValue showed. The outflows deepened from a $77.4 million outflow on Tuesday, and came after more than $5 billion of outflows in the past three weeks.

Institutional and retail investors were also seen rotating out of risk assets such as crypto and gold to free up cash for a bumper initial public offering from SpaceX on Friday. The company is targeting a $75 billion raise at a $1.75 trillion valuation.

A rotation into artificial intelligence stocks had also pressured crypto markets in recent weeks.

Crypto Price Today: Altcoins Steady Amid Few Trading Cues

Broader crypto prices rose gingerly on Thursday, although gains were limited amid a dearth of positive cues.

Ether, the world’s second-largest cryptocurrency, rose 1.1% to $1,650.22 after falling sharply in recent weeks. Spot Ether ETFs also saw sustained outflows, SoSoValue data showed.

XRP rose 0.1%, Solana added 1.2%, while Cardano added 3.1%. Binance’s BNB rose 1.5%.

Among memecoins, Dogecoin rose 1.4%, while $TRUMP added 4.1%.