Following U.S. and Israeli strikes on Iran, Bitcoin quickly recovered to around $64,000. The price swings occurred during low-liquidity hours, highlighting Bitcoin's role as a 24/7 pressure valve for macro risk. The deepest marginal liquidity is concentrated on weekdays in regulated venues, especially since spot Bitcoin ETFs joined the market in 2024. Weekend activity has decreased, potentially leading to sharp reversals when geopolitical headlines emerge. Attention is now focused on Monday's "next open" variables, including spot ETF create-redeem channels. The market is watching how U.S. markets reprice risk when spot bitcoin ETFs reopen, especially given recent multi-day ETF inflows topping $1 billion.

Following U.S. and Israeli strikes on Iran, Bitcoin quickly recovered to around $64,000. The price swings occurred during low-liquidity hours, highlighting Bitcoin's role as a 24/7 pressure valve for macro risk. The deepest marginal liquidity is concentrated on weekdays in regulated venues, especially since spot Bitcoin ETFs joined the market in 2024. Weekend activity has decreased, potentially leading to sharp reversals when geopolitical headlines emerge. Attention is now focused on Monday's "next open" variables, including spot ETF create-redeem channels. The market is watching how U.S. markets reprice risk when spot bitcoin ETFs reopen, especially given recent multi-day ETF inflows topping $1 billion.