Bitcoin Leads Market Recovery as Oil Drops Sharply on Geopolitical Relief

CoinEx chief analyst Jeff Ko expects bitcoin to remain range-bound near $65,000 as investors weigh softer oil prices, a 10-year Treasury yield around 4.7%, and a major week of earnings from leading technology companies.

Bitmine Immersion, the crypto treasury company backed by Tom Lee, added 9,946 ETH to its holdings last week, bringing its total ether reserves to 5,787,414 tokens.

The firm also increased its common stock repurchases, buying back 6.1 million shares compared with 5.5 million shares in the previous week.

Tom Lee said the higher buyback activity reflects the company’s belief that the rising ETH/BTC ratio, despite declining expectations for the Clarity Act to pass in 2026, signals renewed strength in digital assets.

BMNR shares gained 4.9% in pre-market trading as ether advanced about 3% over the last 24 hours.

Bitcoin treasury firm Strive revealed that it acquired 79 BTC last week, raising its total bitcoin holdings to 20,000 coins.

The company also purchased 808 additional shares of Strategy’s STRC preferred stock, increasing its total STRC holdings to 43,879 shares.

A Monday SEC filing showed that Strive funded the purchases through a mix of existing cash reserves and proceeds from common stock sales.

Strategy added another $525 million to its USD Reserve last week, bringing the total balance to $3.75 billion. Executive Chairman Michael Saylor said the reserve now provides approximately 2.1 years of coverage for preferred stock dividends.

The company raised $544.5 million by selling more than 5.4 million shares of common stock, according to an SEC filing.

Strategy used $25 million of the proceeds to repurchase 288,930 shares of its STRC preferred stock.

The company made no changes to its bitcoin holdings, which remain at 843,755 BTC.

MSTR shares climbed 2.8% in pre-market trading alongside a modest rise in bitcoin prices over the weekend, while STRC gained 2.45%.

Chinese memory chip manufacturer CXMT surged after its IPO, with shares rising about 466% and pushing its market capitalization to roughly $484 billion.

The company, considered China’s answer to Micron, SK Hynix, and Samsung in the memory chip sector, became the country’s most valuable publicly listed company, surpassing Industrial and Commercial Bank of China.

Apple could potentially become one of CXMT’s customers, as the company has reportedly been lobbying for approval to use CXMT chips in Apple devices sold outside the U.S.

Oil prices plunged after signs of reduced tensions between the U.S. and Iran improved market sentiment.

U.S. Ambassador to the United Nations Mike Waltz said President Trump was giving diplomacy “some space,” helping ease concerns about further conflict.

WTI crude dropped nearly 7% to $83.14 per barrel, while Brent crude posted a similar decline.

The fall in energy prices boosted risk appetite, lifting U.S. stock futures. Nasdaq 100 futures led gains with a 1.35% increase, while interest rates edged slightly lower.

Bitcoin rose 1.1% to $65,150, while ether and solana outperformed with gains of around 2% to 3%.

More than $1 million worth of stablecoins were lost in separate security incidents involving WEMIX and Garden Finance.

WEMIX and DeFi platform Garden Finance suspended services after separate attacks impacted at least $1.17 million in stablecoins, although Garden said its protocol and user funds remained secure.

WEMIX said an attacker exploited control of a related contract and created about 5.23 million unauthorized tokens. The stolen assets were exchanged for 30,736 WEMIX and roughly $724,200 in USDC.e before being transferred across Ethereum and BNB Chain.

Security firm Blockaid reported that approximately $450,000 in USDT was drained from Garden Finance’s hash time-locked contracts across Ethereum, Base, Arbitrum, and BNB Chain.

Garden Finance said its contracts were not compromised and attributed the incident to a breach involving an independent solver’s off-chain database, adding that no customer funds were affected.

SpaceX shares have fallen to a level where investors may be assigning little or no value to the company’s artificial intelligence operations, according to Morgan Stanley analyst Adam Jonas.

The stock debuted at $135 in June, climbed to $225 during its first week, and later dropped toward $115 after touching $110.85.

Jonas said a decline toward $100 following an expected insider lockup expiration could imply that investors are valuing SpaceX’s AI business at zero or even negatively.

The analyst maintained a $300 price target and recommended buying the stock, arguing that the selloff reflects weak market sentiment rather than deteriorating fundamentals.

Nearly 80% of analysts covering SpaceX rate the company as a buy, with an average target price of $232. Arkham data also indicates that SpaceX holds approximately $1.2 billion worth of bitcoin.

The ETH/BTC ratio climbed to 0.03, marking its highest level since late April, according to TradingView data.

Ether moved above its 200-day simple moving average against bitcoin for the first time since January and has gained more than 20% since the market decline stabilized on June 6.

Continued ether strength against bitcoin could indicate the early stages of a broader altcoin rally. However, bitcoin remains the dominant cryptocurrency, representing around 59% of the total crypto market.

China continued increasing its gold purchases even as other major economies moved toward integrating crypto and blockchain technology into finance.

The country imported approximately 173 tonnes of gold in June, marking the third consecutive month of rising purchases and the highest level since March 2024.

Both institutional buyers and retail investors contributed to demand, with individuals continuing to accumulate gold through bank-backed savings programs.

China continues to maintain strict restrictions on cryptocurrency trading, mining, and stablecoins to limit capital outflows and reduce financial risks.

Jeff Ko of CoinEx said bitcoin is likely to remain in a consolidation phase as several macro factors have helped stabilize markets.

He highlighted lower oil prices after another pause in U.S.-Iran tensions, the 10-year Treasury yield near 4.7%, and the Federal Reserve’s flexibility ahead of upcoming PCE inflation and second-quarter GDP data.

Ko said earnings reports from Apple, Microsoft, Meta, and Amazon could become key market catalysts this week.

He added that corporate cash flow forecasts and AI investment plans could influence Treasury yields, Nasdaq performance, and the liquidity conditions that affect crypto markets.

Ko also noted that the composition of ETF flows will be as important as the overall inflow and outflow figures.