Asia Market Update: BTC Flat Around $105K with Israel-Iran Conflict Looming — QCP View

BTC Holds Steady at $105K as Hedging Activity Spikes on Geopolitical Risk; Glassnode Notes Cycle Strength

Bitcoin remained rangebound near $105,000 early Monday in Asia, with traders closely monitoring escalating tensions in the Middle East and lingering macroeconomic uncertainty.

According to QCP Capital, recent market stress has pushed risk sentiment into a defensive posture. The firm’s Friday note highlighted that short-dated BTC put options now trade at a 5-volatility-point premium over calls — a signal of elevated downside hedging as concerns over the Israel-Iran conflict persist.

Despite this shift in options market structure, QCP emphasized that Bitcoin has demonstrated underlying resilience. The cryptocurrency absorbed over $1 billion in liquidations, including a $200 million long on Binance, without breaching key support levels — a sign of strengthening structural demand.

On-chain analytics platform Glassnode supports this view. Their latest report shows BTC’s current cycle gain sits at 656%, below prior cycles (1,076% in 2015–18 and 1,007% in 2018–22), but still significant given Bitcoin’s $2 trillion market cap. Analysts interpret this as a sign of maturing capital inflows, with long-term holders showing reduced sensitivity to macro shocks.

Galaxy Research: OP_Return Debate Distracting from Real Progress

In a separate note, Galaxy Research’s Alex Thorn downplayed the importance of the recent OP_Return debate, calling it “overhyped” and rooted in “mischaracterized concerns.”

Thorn noted that Bitcoin’s mempool remains largely uncongested, undermining claims that arbitrary data is harming network efficiency. Instead, he urged developers and the broader community to focus on practical improvements such as CheckTemplateVerify (CTV) — an upgrade he describes as a conservative but effective step toward safer smart custody on Bitcoin.

Bybit Enters DeFi Space With Solana-Powered DEX ‘Byreal’

Crypto exchange Bybit announced its new Solana-native decentralized trading platform, Byreal, which will begin testnet deployment on June 30. CEO Ben Zhou confirmed the initiative over the weekend, describing it as a hybrid DEX that merges CEX-like liquidity with DeFi transparency.

Byreal will feature Solana-native liquidity vaults and a launchpad designed to support emerging projects in the Solana ecosystem.

Market Snapshot – June 16, 2025

• BTC: Fluctuating around $105K, supported by institutional accumulation despite $1B+ in long-side liquidations last week.
• ETH: Up 2% to $2,550, bouncing off support with increased fund inflows.
• Gold: Rallied to $3,447, driven by haven demand amid conflict escalation.
• Nikkei 225: Rose 0.87%, leading Asian equities despite geopolitical pressure.
• Volatility: BTC risk reversals continue to favor puts, reflecting short-term uncertainty.