Bitcoin dips below $80K as yen strength, Iran tensions weigh

The confluence of geopolitical risk and yen strength points to a liquidity-driven sell-off rather than crypto-specific fundamentals, meaning broader macro flows are the dominant force at the moment. The reference to a potential carry-trade unwind is particularly telling, as it suggests leveraged positions across risk assets could face further deleveraging if the yen continues to firm. What matters next is whether the dollar-yen pair stabilizes and whether equity markets find a floor, as crypto appears tightly correlated with that risk appetite for now. The open question is whether this marks a regime shift in risk pricing or a temporary shock that fades once diplomatic or monetary signals clarify.