Crypto markets declined earlier today, Wednesday, July 8, after renewed military action between Iran and the United States weighed on investor sentiment.
President Donald Trump said the recent ceasefire with Iran was "over" after fresh exchanges of airstrikes. Speaking alongside NATO Secretary General Mark Rutte at the NATO summit in Ankara, Trump said the agreement was no longer in effect. He later added that the United States would likely strike Iran again tonight, accusing Iran of violating the ceasefire.
WTI crude oil climbed more than 5% to over $75 per barrel, while Bitcoin fell to an intraday low near $61,800 before trading around $62,000, down roughly 2% over the past 24 hours.
Liquidations Accelerate the Selloff
The decline triggered widespread liquidations across the crypto market. According to CoinGlass, 139,860 traders were liquidated over the past 24 hours, totaling $396.88 million. More than $300 million came from long positions as falling prices forced leveraged traders to exit.
Altcoins also came under pressure. Solana dropped below $77 and traded about 5.8% lower over the same period.
ETF Inflows Offer a Different Signal
Despite weaker prices, institutional investors continued adding exposure to Bitcoin. U.S. spot Bitcoin ETFs recorded $21.44 million in net inflows on Tuesday, July 7, extending a three-day streak that also included inflows of $265.69 million on July 6 and $221.72 million on July 2. It marked the first three-day inflow run since record ETF outflows began in June.
BlackRock's $IBIT led the latest session with $54.8 million in inflows, offsetting withdrawals from Fidelity's $FBTC and $ARKB. Total Bitcoin ETF assets have recovered to $77.26 billion from a June 30 low of $70.95 billion.
While the inflows remain modest compared with earlier in the year, they ended the record streak of ETF outflows that dominated June and suggest the relentless institutional selling may have run its course. Markets will now watch the upcoming U.S. inflation data and the Federal Reserve's late July meeting for confirmation that the recovery can continue.
Solana Fundamentals Remain Resilient
Although Solana declined alongside the broader market, several underlying indicators continued to improve. Spot Solana ETFs attracted $5.74 million in net inflows over the past week, one of their strongest weekly performances in 5 weeks. Total net inflows have now reached $1.15 billion.
Cross chain activity also remained healthy, with nearly $40 million worth of assets bridged to Solana during the past week.
Network usage has also stayed strong. Earlier this week, Solana reclaimed the top position among all blockchains in daily Network Real Economic Value after 4 months. The network recently surpassed 1 billion weekly non-vote transactions and delivered record Q2 results across tokenized equities, dApp revenue, and perpetual futures trading.
For now, investors appear to be balancing improving long term market participation against near term geopolitical risks that continue to drive volatility across both traditional and digital asset markets.
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