BTC fell under 2% to around $62,461 even as oil jumped 4% on the same news — historically, that ratio would've been reversed. Compare it to June 2025, when an Israel-Iran strike alone dropped Bitcoin more than 7% in three days. Analysts now argue Bitcoin's day-to-day price is driven less by war headlines and more by Fed policy and ETF liquidity mechanics — the oil-to-inflation channel is the actual link, not fear itself. The move was mostly a leverage flush: $73 million in liquidations, with longs outnumbering shorts 6-to-1, meaning over-extended bets got wiped out rather than genuine investors bailing. All eyes are now on Wednesday's June CPI print.