Bitcoin is down as renewed U.S. strikes on Iran and heavy spot ETF outflows triggered broad risk-off selling across crypto markets.

Leading cryptocurrencies fell sharply overnight on Monday after the military said it carried out “defensive” strikes in southern Iran.

Institutional selling overwhelmed Bitcoin in May as ETF outflows hit multi-week highs and Iran conflict escalation rattled crypto markets.

Bitcoin has seen its sharpest fall in over five weeks. Concerns about the global economic outlook and money leaving US Bitcoin exchange-traded funds are impacting the…