U.S.-Iran deal lifts equities, sends oil lower, while crypto stays wary

While the market appears to have steadied after an early June rout, the onchain crowd remains split. Valuation models say the worst of the selling is done. Flow data, in contrast, says no real bid has returned. Both can be true at the same time.

The other pull is competition. SpaceX (SPCX) went public Friday in the largest IPO in history and popped 19% on day one, with ARK Invest, the fund management company led by bitcoin bull Cathie Wood, leading the charge.

OpenAI and Anthropic have filed to follow suit. The hottest innovation trade right now is a stock, not a token, and it is pulling from the same pool of risk capital.

• BTC derivatives positioning firmed this week. Open interest (OI) rose to $17.4 billion, up about 7% from a week ago, and three-month annualized basis ticked up to 3.0% from 2.8%.
• Funding rates, however, remained subdued, ranging from 0% to roughly -4% annualized across multiple venues. Levels like that indicate that leverage demand on perpetuals is muted even as OI and basis gained.
• Rising OI and a firmer basis point to incremental institutional appetite, but soft funding signals little aggressive directional positioning.
• Options positioning is mixed: the 24-hour put/call has skewed to puts (~25/75), but the volatility surface doesn’t confirm stress. Deribit’s implied volatility index, DVOL, has eased to 39, down 3.4% on the day and near multiyear lows, and the ATM term structure stays in contango (30–31% at the front end and around 43% to March 2027) rather than backwardation. The read is targeted downside hedging, not a broad vol bid.
• Coinglass data shows $343 million in 24-hour liquidations, with a 27-73 split between longs and shorts. BTC (136 million) and ETH ($60 million) were the leaders in terms of notional liquidations.
• The Binance liquidation heatmap indicates $66,100 as a core liquidation level to monitor, in case of a price rise.

• Decentralized-AI tokens jumped after the U.S. ordered Anthropic on Friday to close off foreigners’ access to its two most advanced models.
• Venice’s VVV rose about 14% to $16.37 on Saturday, with trading volume climbing nearly 200% to around $130 million, according to CoinGecko data. Morpheus’s MOR added about 21% to $2.28.
• Anthropic said the Commerce Department, citing export-control rules, directed it to cut access to its new Fable 5 and Mythos 5 models for any foreign national, inside or outside the U.S.
• To comply, Anthropic disabled both models for all users while keeping its other models running. It called the matter a narrow issue over a method of bypassing the models’ safeguards and said it is working to reverse what it described as a misunderstanding.
• Backers seized on the shutdown as proof of their pitch. Venice founder Erik Voorhees, of ShapeShift, posted: “There’s a reason we built Venice.”
• The Morpheus account thanked Anthropic CEO Dario Amodei for the “free publicity,” framing permissionless AI as something no government can switch off.
• Venice gates access to open-source models through its VVV token, and Morpheus rewards contributors of computing power and code with MOR.
• The narrative ran ahead of the product. MOR’s 21% move occurred with under $300,000 of volume, thin enough to swing on very little interest, and the open-source models of both projects test as less capable than the Anthropic systems that were pulled.
• The tokens rallied on the censorship-resistant story, not their capabilities.