Bitcoin slipped below $73,000 Thursday morning and is currently trading at $73,260, down 3.4% in the last 24 hours and at levels not seen in six weeks.
Two forces appear to be driving the price action: renewed Iran conflict escalation overnight and the worst Bitcoin ETF outflow stretch of 2026.
On the geopolitical front, renewed strikes and a breakdown in the latest ceasefire negotiations sent oil up 2.5% and risk assets lower across the board, reversing the peace deal optimism from last weekend.
The ETF picture is equally grim. Tuesday’s Bitcoin spot ETF outflows hit -$733.40 million — the single worst day since January 29. Combined with Monday’s -$333.60 million, the two-day total exceeds $1 billion. Eight straight trading days of outflows have now erased more than $2.6 billion from Bitcoin ETFs since May 15.
Other major assets are also under pressure. Ethereum broke below $2,000 for the first time since April, trading at $1,983 and now down 33% year-to-date. HYPE, the year’s standout performer at +123% YTD, is down roughly 10% on the day at $56.44. Today’s $6.25 billion options expiry carries a max pain level of $75,000, placing the market approximately $1,700 below that threshold heading into settlement.
In broader markets, gold is down 1.4% at $4,386 and Nasdaq futures are off 0.5%. Crypto is absorbing the largest losses across asset classes.
Jefferies Projects $1 Trillion Crypto Public Market from Coming IPO Wave
Jefferies expects a surge of crypto and blockchain-related public listings over the next two years, projecting the sector could reach a $1 trillion public market within five years.
The bank published its outlook following its first Digital Assets Investor Conference in New York, where 35 digital asset company executives met with roughly 150 institutional investors. According to the report, institutional investors are increasingly shifting focus from bitcoin price speculation toward the integration of blockchain infrastructure into core financial systems — including tokenized money market funds, private credit, and settlement networks.
Jefferies identified tokenization as a key catalyst driving that transition, and noted that regulation could further accelerate adoption among large, heavily regulated financial institutions. The bank pointed to the proposed Clarity Act as a potential catalyst that could unlock broader institutional investment.
The IPO pipeline Jefferies is tracking includes Kraken parent Payward, which has filed a confidential S-1 and is pursuing a reported $20 billion valuation; SEC-registered tokenization platform Securitize; Blockchain.com, which filed its S-1 last week; and Gemini. Beyond crypto-native firms, the bank also sees traditional financial players — including settlement networks and payment processors — as candidates for public listings tied to blockchain infrastructure buildouts.
Source: Crypto Majors Drop 3–4% as Iran Tensions Worsen and Bitcoin ETF Outflows Top $1B