Bitcoin is catching heat from both sides of the map. On one end, global markets are shifting into risk-off mode. On the other, Iran is unloading its crypto reserves to buy equipment. The result is a drag on price and sentiment that’s starting to show up in the charts.
Start with the numbers. Bitcoin is trading at $101,109. That’s down from $102,177 just 24 hours ago. The drop is modest on paper, about 1%, but the context matters. BTC has lost nearly 9% from its monthly high of $111,800. The one-year return still sits at 67.74%, but the momentum is cooling. Market dominance is holding at 64.8%, but volume is thinning. Traders are pulling back. Institutions are hedging. The appetite for risk is fading.
I told you so.
Don’t panic; it gets much worse. pic.twitter.com/gGtcLOGgmF
— The Great Martis (@great_martis) June 22, 2025
The geopolitical backdrop is doing no favors. After U.S. strikes on Iranian nuclear sites, Tehran is under pressure. Sanctions are tightening. Supply chains are choking. And Iran is turning to its crypto stockpile. According to multiple reports, the regime is selling off Bitcoin to purchase critical equipment and bypass traditional banking rails. This isn’t new. Iran has been mining Bitcoin for years, using subsidized electricity and funneling the coins to its central bank. But now the sell pressure is real. And it’s hitting the market at a fragile moment.
Elliptic estimates that 4.5% of global Bitcoin mining happens in Iran. That’s not a rounding error. That’s a pipeline. And when that pipeline reverses, it matters. The country’s mining operations are largely controlled by the IRGC. The rigs are plugged into the grid, often without paying for power. The mined BTC is then sold to fund imports. That’s the loop. And right now, that loop is accelerating.
The selloff isn’t just about Iran. It’s about timing. The broader market is in retreat. Equities are wobbling. Gold is climbing. The dollar is firming. Bitcoin, once pitched as a hedge, is behaving like a tech stock. When volatility spikes, it bleeds. When war looms, it dips. That’s the pattern. And it’s playing out again.
The next support level sits near $98,000. If that breaks, the slide could deepen. Traders are watching volume. Whales are watching wallets. And Iran is watching the clock. The longer the sanctions bite, the more Bitcoin gets liquidated.
Sources:
https://www.elliptic.co/blog/how-iran-uses-bitcoin-mining-to-evade-sanctions