Bitcoin Slips to $79,600 on US-Iran Strait Escalation Despite ETF Inflows

Bitcoin fell 1.7% to $79,600 on May 8 amid renewed US-Iran military tensions in the Strait of Hormuz, extending a pullback from a midweek peak near $83,000. The cryptocurrency surged early in the week from around $79,000 on short squeezes and US-Iran peace hopes that crashed oil prices 12%, but reversed after Iran's rejection of a US deal on May 7, stronger-than-expected US jobless claims, and Strategy Inc.'s potential BTC sales, triggering $340M-$558M in liquidations. Bullish undercurrents persist with $1.6B in spot ETF inflows, 16,622 BTC whale accumulation, and 67 days of record negative funding, positioning BTC for a sixth straight weekly gain of ~1.3%.