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Crypto prices stabilize as Iran and U.S. near 60-day ceasefire extension deal

Cryptocurrency markets saw a boost on Friday as news emerged that the U.S. and Iran were nearing an agreement to continue their ceasefire and allow ships to travel through the Strait of Hormuz again.

Summary

  • Crypto prices steadied as reports pointed to a potential 60-day U.S.-Iran ceasefire extension and easing oil prices.
  • Bitcoin ETF outflows reached $2.85 billion over nine straight sessions, while Ethereum ETFs extended their losing streak to 13 days.
  • Traders are watching a $6.1 billion Bitcoin options expiry on Deribit, with max pain positioned near $75,000.

The overall value of the cryptocurrency market is around $2.56 trillion, after a nearly 4% drop yesterday. Bitcoin, currently trading above $73,000, briefly dipped to between $72,600 and $73,000 before recovering, according to CoinGecko data.

Ethereum’s price stayed close to $2,000 after briefly dipping below that mark – something it hadn’t done since late March. Other major cryptocurrencies like Solana, XRP, BNB, and Dogecoin saw more stable trading as selling pressure from liquidations calmed down.

Cryptocurrency prices became more stable following news that the U.S. and Iran were reportedly close to extending their current ceasefire by two months. Discussions also suggest Iran might remove mines from the Strait of Hormuz within a month and allow ships to pass freely through the area.

President Trump hasn’t given the go-ahead for the plan yet, and Vice President Vance indicated it’s uncertain if they’ll be able to come to a final agreement.

Oil prices went down as traders responded to recent news. West Texas Intermediate (WTI) crude fell below $88 a barrel, and Brent crude dropped below $92. So far this month, the U.S. oil benchmark has decreased by over 12%, likely because hopes for a peaceful resolution to the situation are growing.

Investor confidence grew in traditional markets. On Friday, Japan’s Nikkei 225 rose by 2.5%, and Hong Kong’s Hang Seng Index increased by 0.5% as investors favored technology and growth-oriented companies.

Liquidation pressure eases after market rout

Data from CoinGlass shows the cryptocurrency derivatives market has stabilized after a major sell-off on Thursday caused a large wave of liquidations – one of the biggest seen in months.

Over the last 24 hours, the analytics platform recorded around $217 million in liquidations, a significant drop from the approximately $941 million lost in the previous session. Liquidations were also more balanced between long and short positions, indicating that the intense selling pressure that drove recent declines has eased.

Bitcoin’s price started to rise again as more people began buying around the $72,600 to $73,000 level. Traders have been watching this price range closely, as the price has bounced back from it several times on daily charts.

Ethereum’s price rebounded after briefly falling below $2,000. Investors started buying when indicators suggested the asset had been oversold in the short term.

Even though Bitcoin’s price has bounced back a bit, I’m still not seeing a lot of interest from big institutional investors. According to data I saw from SoSoValue, U.S. Bitcoin ETFs actually saw another $228 million flow *out* on May 29th. That makes nine days in a row of net outflows, which is concerning. And just the day before, Wednesday, we saw a massive $733 million leave – the biggest single-day drop all year. It makes me wonder how long this rebound can really last if the big players aren’t buying.

As a crypto investor, I’ve been watching the market closely, and it looks like about $2.85 billion has flowed *out* of spot Bitcoin funds recently. It’s definitely something to keep an eye on as we see where things go from here.

Ethereum ETFs are also experiencing declines in investment. They saw $121 million withdrawn on Thursday, marking 13 straight days of net outflows – the longest such period since March 2025.

In addition to money leaving ETFs, data from the blockchain shows more investors are now holding investments worth less than what they originally paid, likely due to the recent market downturn.

Crypto analyst Master of Crypto recently pointed out data from Glassnode showing that the amount of Bitcoin held at a loss has increased. During the recent price drop, around 580,000 more BTC fell into the loss category, rising from 7.75 million to 8.33 million as Bitcoin’s price approached $73,000, according to a post on X from May 29th.

According to Master of Crypto, a significant number of Bitcoin investors who bought between approximately $72,900 and $76,600 are currently facing losses, as the price has fallen below their purchase price.

A lot of buyers found themselves in a difficult position when the price recently peaked. That price level is now unlikely to provide support, and could instead cause prices to fall if they rise back towards it, as traders may choose to sell at that point.

We might see prices fall further. Recently, the amount of Bitcoin held by owners who are currently at a loss increased by 580,000 BTC. This indicates that many Bitcoin buyers who purchased between $72,900 and $76,600 are now seeing their investment lose value. The total amount of Bitcoin held at a loss has climbed from 7.75 million to 8.33 million BTC.

— Master of Crypto (@MasterCryptoHq) May 29, 2026

Ethereum recently dipped below $2,000, a level it hadn’t reached since late March, causing varied responses from people in the crypto world.

At the same time, another analyst named Lucky observed that social media was full of conversations about taking advantage of the price drop, with traders arguing over whether it was a good time to buy or if prices would fall further.

Ethereum’s price has dropped below $2,000, a level it hasn’t seen since late March, and this has sparked renewed interest in buying as the price falls. Many individual investors are taking advantage of the lower price, hoping it’s a good chance to buy before the price goes back up.

— Lucky (@LLuciano_BTC) May 28, 2026

Traders watch $6.1 billion options expiry

Today, around $6.1 billion in Bitcoin options on Deribit are expiring. According to data from the platform, 83,660 contracts will expire, and the price where most contract holders would experience losses is around $75,000.

Most call options are focused around the $80,000 price point, and most put options are centered near $75,000, making these key levels for traders today.

Recent inflation figures released this week are still influencing what people expect the Federal Reserve to do next.

The latest report on personal spending showed that prices rose 3.8% over the past year, up from 3.5% in March. Excluding food and energy, prices increased to 3.3% from 3.2%. A major factor was a 17.9% jump in energy prices, likely due to issues related to the conflict in Iran.

Even though core PCE prices increased by only 0.2% last month – a bit lower than expected – most traders no longer anticipate the Federal Reserve will cut interest rates in 2026. This is because inflation is still significantly higher than the Fed’s goal of 2%.

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2026-05-29 12:56