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U.S. Bitcoin Miners Post High Profits in Q1 2025, JPMorgan Says

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  • U.S. miners earned $2B in Q1 2025 with gross margins rising from 50% to 53%, says JPMorgan.
  • IREN reported the highest gross profit with the lowest cost per bitcoin at $36,400.
  • MARA led bitcoin production for the ninth straight quarter despite highest cost per coin.

The first quarter of 2025 stands out as one of the most successful periods for U.S.-listed bitcoin miners, according to a research report from JPMorgan. Analysts Reginald Smith and Charles Pearce confirmed that four out of five major mining companies achieved record revenue and profits, reflecting a strong recovery and high bitcoin prices. The sector’s momentum has continued from late 2024 showing significant growth in both margins and gross profits.

JPMorgan estimates that these bitcoin mining companies earned about $2.0 billion in gross profit for the quarter, an increase from $1.7 billion in Q4 2024. Gross margins increased to 53% compared with the earlier 50%, showing better operational performance and returns on mining activity. The price of Bitcoin, which is approximately $105,700, contributed to these robust results.

The report tracked five key companies including MARA Holdings, IREN, CleanSpark, Riot Platforms, and Cipher Mining. Both contributed differently to the industry’s solid year-to-date performance with some doing better in terms of output and others in terms of profitability.

MARA Maintains Output Lead, IREN Sets New Profit Benchmark

MARA Holdings led the sector in bitcoin production for the ninth consecutive quarter. The company mined more bitcoin than any other in JPMorgan’s coverage, highlighting its ongoing dominance in output. Nevertheless, MARA incurred the highest cost per bitcoin as well, estimating an all-in cash expense of $72,600 per coin.

In contrast, IREN emerged as the leader in profitability for the first time among the group. IREN had the lowest all-in cash cost per coin of approximately $36,400. This cost-benefit enabled IREN to register the highest gross profit within the group, which was a new performance standard in the industry. The company had a disciplined cost management system, which was essential in increasing its margins and improving its financial standing.

CleanSpark, another top BTC miner, demonstrated capital discipline by not raising new equity during the quarter. The five mining firms combined raised only $310 million in equity, a significant reduction from the $1.3 billion raised in the final quarter of 2024. This is an indication of the industry’s tightening capital plans as firms adapt to the market environment and turn to internal financing.

Rising Power Expenses, JPMorgan Stays Bullish on Miners

The Bitcoin mining industry is still very energy-intensive, and the miners collectively used $1.8 billion on electricity during the first quarter of 2025. This value increased by $50 million compared to the previous quarter of the year indicating that the control of operational costs remains a challenge as companies increase their production.

The JPMorgan report also provided the bank’s predictions for the sector. The bank has given overweight ratings to CleanSpark, IREN, and Riot Platforms, while maintaining neutral ratings on Cipher Mining and MARA Holdings. These analyst ratings indicate confidence in some miners’ ability to balance growth and cost-efficiency.

Related Reading | Bitcoin $3.3 Billion Surge: A Strong Signal for Long-Term Growth

Bitcoin Surpasses $106K: Bullish Market or Temporary Correction?

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  • Analyst views Bitcoin’s breakout as a sign of future growth, with potential buying opportunities during the current correction.
  • Glassnode’s RHODL Ratio decline shows increasing short-term activity, with no mass exit from long-term holders.
  • Despite Bitcoin’s rise, low Puell Multiple suggests external factors driving the market, with potential for more growth.

Bitcoin is also performing well and has recently broken the $106,000 resistance, indicating that the crypto market has a promising future. Market analyst Michael van de Poppe believes there are huge buying opportunities in the current correction, which is mostly fueled by panic selling. He is indicating that the market could retest lows of past sessions during the weekend but will recover next week.

Blockchain analytics company Glassnode noted RHODL Ratio of BTC. This metric is the comparison of long-term holders (coins held between 6 months and 2 years) and younger coins (1 day to 3 months old). Although the ratio has reached its peak in 2024, it has started to decrease, which points to the higher short-term activity. Nevertheless, no mass participation of older holders leaving the market has been observed.

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Source: Glassnode

Bitcoin’s Surge: Are External Factors Driving the Market?

The rising price coincides with the fact that BTC is making new records, having exceeded the $106,000 mark. It is a very important development, indicating that the bullish market might be gathering momentum. Nevertheless, analysts also note that the Puell Multiple indicator, which suggests the daily revenue of miners divided by the annual mean, remains low and has yet to fall below 1.40.

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Source: TradingView

The low Puell Multiple suggests that miners are not fully benefiting from the Bitcoin price increase. Since the price has increased, the revenue received by the miners has not achieved the trend of the market rise. That is a sign that the market could be driven by external factors, such as institutional demand, BTC ETFs, or a shrinking supply, rather than by mining itself.

Bitcoin’s Bullish Potential

In the past, the Puell Multiple reading of less than 1.0 indicated undervaluation phases. It is at such periods when the price of BTCdoes not entirely represent its long-term growth potential. This indicator being at low levels while BTC is setting a new all-time high is uncommon and suggests that the market has not yet reached its peak euphoric stage.

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Source: X

This becomes a possible opportunity to the investors. The bull run might not be over yet, with Bitcoin at a new all-time high and miners continuing to experience low incomes. Bitcoin might exceed its current highs in case the revenues of miners rise in the next months due to the growth of demand.

As the price of Bitcoins sets new highs, the fundamentals of the market indicate that there is more upside left. Low Puell Multiple and growing outside demand might result in rising prices and better profitability of miners in the coming months. This combination suggests that the bullish BTC trend is not yet over.

Read More: Bitcoin Poised to Surpass All-Time Highs as 98.68% of Addresses Go Into Profit

ProCapBTC Taps Anthony Pompliano to Lead $750M Bitcoin-Buying SPAC Initiative

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  • ProCapBTC plans to raise $750M for Bitcoin acquisitions via a SPAC led by Pompliano.
  • Pompliano is negotiating to become CEO of ProCapBTC in a major public Bitcoin buying push.
  • The SPAC merger could make ProCapBTC one of the largest institutional Bitcoin buyers.

Cryptocurrency entrepreneur Anthony Pompliano is negotiating to become the chief executive of a new Bitcoin investment vehicle, ProCapBTC. According to sources cited by the Financial Times, the group aims to raise $750 million for direct Bitcoin acquisitions. ProCapBTC plans to go public through a merger with Columbus Circle Capital 1, a special purpose acquisition company (SPAC) backed by investment bank Cohen & Company.

If the deal proceeds, Pompliano would oversee a fundraising round targeting $500 million in equity and $250 million in convertible debt. The merger would create one of the largest dedicated Bitcoin-buying public companies in recent years. While discussions continue, an official announcement could come as soon as next week. Pompliano and Cohen & Company have not publicly commented on the ongoing talks.

Columbus Circle and Cohen & Company Back Initiative

In May 2025, Columbus Circle Capital 1 initiated a $250 million initial public offering on Nasdaq, serving as the foundation for the upcoming ProCapBTC transaction. Sponsored by Cohen & Company, a New York-based investment bank listed on the New York Stock Exchange, Columbus Circle Capital was established to pursue mergers in the fintech, digital asset and artificial intelligence sectors.

Furthermore, Cohen & Company has established a reputation for supporting the digital asset industry, offering a range of audit, tax, and advisory services to crypto projects, exchanges, and decentralized finance ventures. By backing Columbus Circle’s SPAC, the bank signals continued confidence in the growth potential of digital assets within public markets.

The merger with ProCapBTC would result in the new company joining the ranks of other institutional Bitcoin purchasers like MicroStrategy or the Japanese Metaplanet, which also have large amounts of Bitcoin on their balance sheets. The transaction highlights that public organizations still want exposure to Bitcoin through innovative financing structures.

Rising Public Crypto Listings Boost Market Activity

Pompliano is joining ProCapBTC as the momentum around public crypto listings heats up once again. Stablecoin issuer Circle soared 168% in its recent public listing, and Bullish, a digital asset exchange founded by Peter Thiel, has also proposed to become public. Analysts suggest this increase in public activity is driven by changes in regulatory expectations and a rise in optimism regarding digital assets as policymakers signal a more favourable approach towards cryptocurrencies.

Pompliano, recognized for his popular podcast and active social media presence, has experience leading large capital raises. Earlier this year, he oversaw a $220 million IPO for another SPAC, ProCap Acquisition Corp, which is unrelated to the current deal.

If successful, the ProCapBTC initiative would further validate the strategy of building Bitcoin treasuries through public investment vehicles.

Related Reading | Bitcoin Poised to Surpass All-Time Highs as 98.68% of Addresses Go Into Profit

Bitcoin $3.3 Billion Surge: A Strong Signal for Long-Term Growth

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  • Bitcoin saw $3.3 billion flow into accumulation wallets, signaling strong confidence from long-term investors.
  • Accumulation wallets now hold 2.91 million BTC, showcasing whales’ continued optimism in the market.
  • With an average entry price of $64,000, long-term holders are betting on Bitcoin’s future growth.

Bitcoin experienced a major change in market structure when 3.3 billion dollars worth of BTC moved into accumulation addresses. A CryptoQuant analyst highlighted a huge outflow of 30,784 BTC, the largest inflow in 2021. This caused the total Bitcoin stored in accumulation addresses to rocket to 2.91 million BTC, highlighting strong confidence among long-term investors.

Accumulation addresses are deemed as one of the most significant market sentiment indicators. The characteristics of these wallets are that they have not moved any of their Bitcoin. They have a minimum of 10 BTC, are not associated with exchanges, and have moved at least once over the past seven years. These addresses are known as diamond hands, and they indicate either individual or institutional investors who have a strong desire to hold their assets despite the market changes.

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Source: X

Bitcoin’s Long-Term Bullish Outlook

This is a positive sign indicating that the whales, or large Bitcoin holders, are still optimistic about the future of the cryptocurrency as it surged into these accumulation addresses on June 11. As Bitcoin nears its all-time high, these investors continue to buy BTC, indicating that prevailing price levels do not deter them. Rather, they appear to be betting on the future rise and potential of Bitcoin, which supports the idea that the digital asset is nowhere near its all-time high.

This most recent inflow into accumulation fills the objections to the widely held notion that institutional investors are more likely to sell when prices are elevated. This implies that these whales are gambling on the assumed future rise of Bitcoin prices, as they are very sure that the markets will experience higher prices in the future. The issue now is whether other investors will also take the same path and start accumulating too.

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Source: X

Long-Term Confidence in Bitcoin

These wallets have an average entry price of approximately $64,000 per BTC. Such a price indicates that the investor has a lot of confidence in the future of BTC despite its volatility in the present. These long-term holders are not in it to make a quick profit but are preparing themselves to ride the next leg of the BTC expansion. Their approach is more patient and long-term in perspective, wagering on the long-term worth of the asset in the years ahead.

With the overall value of BTC in accumulation wallets rising steadily, the intent of these whales is apparent. BTC is a good investment to consider, especially with the ability to withstand market changes. Currently containing over 2.9 million BTC, worth over $ 107 billion, it is clear that long-term faith in BTC remains high. The whales have a pointed message, and that is that the accumulation phase is not even close to being finished.

Related Reading: Bitcoin Crashes Below $103K Signaling Intense Bearish Pressure

Bitcoin’s Volatile Plunge: Is it Still a Safe-Haven Asset Amid Geopolitical Tensions?

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  • Bitcoin dips below $103,000 amid Israel-Iran airstrike, raising concerns over its safe-haven status.
  • Peter Schiff questions Bitcoin’s ability to serve as a store of value during geopolitical crises.
  • Supporters argue Bitcoin has consistently rebounded stronger than gold and stocks in past crises.

Bitcoin experienced major volatility on Friday as the airstrike by Israel on Iran caused turmoil around the world. This sudden increase in tension caused serious market moves that have caused severe corrections in the cryptocurrency market. Bitcoin, which was trading over $107,000 since June 9, dipped under $103,000 momentarily. At press time, the cryptocurrency trades at $105,701, recording a 0.16% decrease in the last day.

The decline in the value of Bitcoin has raised questions regarding its placement as a safe-haven asset. Gold proponent Peter Schiff was quick to point out the huge difference between Bitcoin and conventional holdings in a crisis. When oil prices jumped by 5% and S&P futures declined by 1.5%, Bitcoin tumbled by 2%, unable to show the strength that gold demonstrated with a slight 0.85% gain.

Bitcoin as Digital Gold

The statement by Schiff revived the discussion on Bitcoin as digital gold and whether it is capable of serving as a store of value during turbulent times. He noted that, in a geopolitical crisis, investors usually pour into gold, which makes the gold price go up. In the meantime, Bitcoin failed to hold its own value, which brought its viability as a safe-haven asset during times of global uncertainty into question.

This story, however, was soon dismissed by Bitcoin enthusiasts. Blockstream CEO Adam Back pointed to the solid history of Bitcoin during geopolitical crises in the past. He stated that Bitcoin is likely to drop in the short term, but it will recover with more power than traditional assets like gold and stocks. Back still thinks that the long-term prospects of BTC are not hampered by its volatility in the short term.

This is supported by the history of BTC performance. As an example, at the point of the US-Iran tensions in January of 2020, BTC increased by 20% over the next two months, compared to the 6% rise in gold and -7% drop in the S&P 500. Likewise, following the Russia-Ukraine war in 2022, BTC rose by 15% in contrast to gold, which earned 9%, which demonstrates that BTC may rebound faster than conventional assets.

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Source: X

Nasdaq Listing Proposal

In March 2023, as the banking crisis transpired in the US, BTC jumped by 32% over the following two months, whereas gold gained 11% and equities mustered only a pathetic 4% gain. These numbers prove the strength of BTC and its capacity to bypass conventional markets during a crisis.

According to some industry players like Andrei Grachev, the cryptocurrency market would be better integrated with traditional finance. Grachev suggested that BTC should be listed on Nasdaq, as he was confident that this could open the door to institutional buyers as well as make the market more stable. The step can contribute to the enhancement of the long-term feasibility of BTC and its positioning as a safe asset.

Despite the recent dip in BTC value due to geopolitical tensions, which has caused concern, the BTC track record indicates that it could easily turn around and rise. BTC has proven to be strong and resilient during times of crisis, bouncing back every time and even performing better than traditional assets.

Related Reading: Coinbase Launches Bold CFTC-Regulated Perpetual Futures for U.S. Crypto Traders

MicroStrategy Insider Dumps $10M Stake Amid Bitcoin Strategy Concerns

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  • MicroStrategy board member Carl Rickertsen sold his entire $10M stake in MSTR stock.
  • No insider purchases were reported in 2025 despite 26 insider sales totaling $864M.
  • MSTR stock is down 10% in the past month, raising investor concerns.
  • The company holds 582,000 BTC, yet insider actions suggest waning internal confidence.

MicroStrategy, now rebranded as Strategy continues to double down on its Bitcoin-first approach, but behind the scenes, some of its top insiders are quietly heading for the exits. One of the company’s board members has just sold his entire $10 million stake in MSTR stock, raising serious questions about internal confidence in the company’s future.

What’s more surprising? Not a single insider has bought any shares in 2025. This glaring absence of insider buying has amplified concerns that the company’s stock performance, and possibly even the price of Bitcoin, could suffer as a result.

Carl Rickertsen, a board member of MicroStrategy since 2022, recently sold all of his MSTR shares, valued at over $10 million. This exit is especially striking given Rickertsen’s early involvement with the company’s Bitcoin pivot. He originally bought $700,000 worth of MSTR stock when shares were trading below $25. Since then, the stock has surged, making this a highly profitable exit.

According to reports from Protos, Rickertsen didn’t just sell his shares, he exercised stock options and offloaded them all on the same day. Moves like this often suggest a lack of long-term conviction in the company’s direction.

Screenshot 1 1

Even more troubling, no other insiders have purchased MSTR shares so far in 2025. Protos reports that there have been 26 insider sales this year, with sell-offs outpacing purchases by over $864 million. This imbalance is raising red flags among retail investors, particularly as MSTR stock has dropped 10% in the past month alone.

MicroStrategy Insiders Sell Amid $63B Bitcoin Bet

The optics are unsettling: while Strategy promotes itself as the ultimate Bitcoin play, its executives appear unwilling to back that vision with their wallets. Retail investors are beginning to question whether insiders are seeing risks that the public hasn’t fully realized.

All of this is happening while Michael Saylor, the company’s founder and executive chairman, continues to champion Bitcoin as the company’s core asset. MicroStrategy now holds an enormous 582,000 BTC, valued at more than $63 billion. Yet, despite these holdings, MSTR shares are down 8% year-to-date, currently trading around $379.

Screenshot 2 1

Critics are beginning to speak out. Longtime Bitcoin skeptic and economist Peter Schiff didn’t hold back, branding MicroStrategy’s business model a “complete fraud” and predicting bankruptcy is only a matter of time. While Schiff concedes he regrets missing out on early Bitcoin gains, he remains adamant that gold, not Bitcoin, will ultimately prevail.

As MicroStrategy deepens its commitment to Bitcoin, the widening gap between its public stance and insider behavior is casting a shadow over its strategy and possibly over the broader market as well.

Related | Bitcoin Crashes Below $103K Signaling Intense Bearish Pressure

Crypto Market Hit by $645M Liquidations as Bulls Suffer Blow

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  • Crypto market faced $645.67M liquidations, over 130,000 traders affected in 24 hours.
  • Bitcoin long liquidations surged 2,360% over shorts, with $3.42 million wiped in one hour.
  • One whale lost $201 million on Binance; Ethereum led hourly losses at $7.49 million.

The cryptocurrency market has witnessed over $645.67 million in liquidations within the past 24 hours, affecting more than 130,000 traders. Within just 60 minutes, $340 million was wiped out, highlighting the violent market turn. These figures, sourced from Coinglass, may still underestimate the total liquidation magnitude.

The broader market took a notable dip despite recent optimism. Today, however, nearly all top 100 cryptocurrencies saw losses. The global crypto market cap shrank 4.52%, settling at $3.44 trillion. The drop caught many off guard given earlier optimism driven by political and institutional developments in the digital asset space.

Trump Endorses Crypto at Coinbase Summit

Investor sentiment earlier leaned bullish. At Coinbase’s State of Crypto Summit, Donald Trump shared supportive views on digital assets. Meanwhile, the outgoing FSB chair warned of crypto’s growing systemic risks. Despite these signals, whales began moving funds, often signaling caution. Santiment data flagged increased whale activity during the downturn.

A whale was liquidated on Binance with a $201 million BTC/USDT long position. The massive loss underscored the consequences of high-leverage strategies amid volatile conditions. Long positions continue to show vulnerability as sudden reversals wipe out bullish leverage with little warning.

Bitcoin recently broke $110,000, stirred seven-month high sentiment levels. Santiment recorded 2.12 positive Bitcoin comments for every negative one on June 11. That ratio reflected the strongest retail and institutional optimism since Trump’s election, despite retail still lagging behind institutions in driving price action.

coinglas

Bitcoin Liquidations Surge Over $3 Million

However, that same optimism led to overexposure. CoinGlass data showed bulls suffered a 2,360% higher liquidation rate than bears in the past hour. $3.42 million in Bitcoin long positions were liquidated, compared to just $130,700 in shorts. A flash drop from $107,400 to $106,500 triggered cascading losses.

Although Bitcoin rebounded above $107,000 quickly, the damage was already done. The liquidation cascade demonstrated the risk of over-leveraged bets in unpredictable markets. In total, over 111,000 traders were liquidated in 24 hours, with 78% of losses hitting long positions a brutal reality for recent market optimists.

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While Bitcoin bore the brunt of attention, Ethereum topped liquidation charts this hour with $7.49 million lost. Solana followed at $2.36 million. Meme coins like DOGE and PEPE also faced modest sell-offs. Across the board, the message was clear, over-leveraged trades remain highly vulnerable to sudden market reversals.

Read More: NEAR Protocol Reaches 46 Million MAUs: Solana’s Next Challenger?

Bitcoin Poised to Surpass All-Time Highs as 98.68% of Addresses Go Into Profit

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  • 98.68% of Bitcoin addresses are in profit, signaling a potential breakout above all-time highs.
  • Social sentiment grows euphoric as Bitcoin nears new highs, with bullish forecasts driving optimism.
  • Binance whales are holding firm, a rare move suggesting that Bitcoin’s price will continue rising.

Bitcoin is awaiting to surpass its all-time highs, as 98.68% of Bitcoin addresses are currently in profit. As Alphractal notes, this is extremely bullish on the market. The Bitcoin price rally has caused a frenzy in the crypto circles. The few addresses that are losing are the ones that were purchased at prices higher than $108,000.

Source: X

With every new rise of Bitcoin, the social sentiment grows more euphoric. Analysts are also of the view that most Bitcoin addresses will be profitable soon. Such a change is fueling the hope among crypto optimists. As the price approaches the all-time highs, BTC dominance in the market is once again proven, and the forecasts of future gains keep the bullish sentiment alive.

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Source: X

Binance Whales Hold: A Bullish Signal for Bitcoin

According to CryptoQuant, Binance whales have exhibited suspicious behavior. Whales usually sell BTC to realize profits when the cryptocurrency approaches or exceeds its all-time high. This time round, however, whales seem to be holding their ground. Though BTC is trading above the 100,000 mark, Binance inflows have reduced drastically. This action is a positive indication in the future prospects of BTC.

In the past, Binance experienced massive inflows when BTC approached ATH. Inflows were more than $5.3 billion in 2024 at the beginning of the market top. The same was seen at the last cycle peaks, where inflows reached $8.45 billion and $7.24 billion. These huge inflows normally ended in temporary corrections. Nevertheless, this cycle demonstrates the opposite behavior to the whales.

Source: X

Binance Inflows Decline, BTC Uptrend Surges

As of now, Binance inflows are barely at $3 billion compared to earlier cycles. The reduced inflows are a sign that whales are not selling but holding. It is a good sign that they anticipate the price of BTC to continue rising. Their unwillingness to realize profits at this stage suggests additional bullish sentiment on the market.

The behavior of BTC, combined with that of whales, indicates that the crypto market is in an solid uptrend. With the market approaching new highs, investors will be looking very carefully to see if the growth can be sustained. The recent activity of Binance whales may largely affect the price of BTC, and it is confirmed that Bitcoin is likely to exceed its old all-time highs in the nearest future.

The fact that most BTC addresses are in profit and that the actions of whales are indicating bullish trends also means that the future of BTC is bullish. There is a bullish market sentiment, and the future of this cryptocurrency appears promising, as it exhibits a positive upward trend. The path towards the all-time highs is open, and people anticipate the continuation of the growth in the nearest future.

Read More: Ethereum Flips Bitcoin in Q2 Returns: Rotation of Capital is Confirmed Says Analyst

Bitcoin’s Next Big Move: September 2025 or March 2026 for the Next Cycle Top?

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  • Bitcoin’s price cycles are linked to past ATH and the 200-week SMA, with key projections for 2025 and 2026.
  • Despite historical accuracy, Bitcoin’s volatility makes cycle predictions risky and uncertain for investors.
  • More Crypto Online signals bullish Bitcoin trends, but short-term market shifts remain unpredictable.

The price cycle of Bitcoin is gaining focus with a different methodology that foresees the next possible cycle top. Egrag Crypto provided insights on a theory that links the past all-time highs (ATH) of BTC with the 200-week simple moving average (SMA). Two important dates, September 2025 and March 2026, are underlined in the analysis.

Bitcoin Price Cycles and Market Uncertainty

According to the theory, it is possible to predict Bitcoin’s price cycles using previous trends. In Cycle A, the high of the prior ATH and the 200-week SMA coincided resulting in the cycle high. Cycle B traded in a very comparable manner and the cycle top came in almost textbook fashion. Nevertheless, Cycle C took place approximately 42 days later, and it demonstrated the instability of cryptocurrency markets.

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Source: X

This method is premised on the belief that past trends can be used to determine future prices behaviour. Although it has been effective in the history of the trade, such projections are not so sure due to the volatile nature of cryptocurrency markets. The delay in cycle C is a reminder that the behaviour of the market may not be predictable creating a risk factor in the analysis.

200-Week SMA and Bitcoin’s Future Cycle Tops

An important element of the analysis is the 200-week SMA. It is a strong long-term trend signal of Bitcoin. The convergence of this moving average with ATH of BTC has frequently highlighted the top of the cycle in the past cycles. The approach gives structure to future forecasts but the forecasts are speculative.

The analysis notes two important dates as to the next potential cycle top in September 2025 and March 2026. The dates are calculated relying on the estimated convergence of the 200-week SMA with the price action of BTC. Intriguing as the projections are, they are uncertain. These projections may be risky as the market may behave differently providing risks to the investors.

More Crypto Online indicates that the price behavior of BTC at this point favors a bullish scenario. The general market direction is bullish, which supports the view of sustained growth. Nevertheless, he also warns that in the short term, any movement is possible, as the support and resistance levels in the crypto market can change within a short period.

Source: X

The long-term outlook for BTC is positive, although short-term market fluctuations are unpredictable. The forecasts to 2025 and 2026 provide the possible price changes; nevertheless, the future is unpredictable.

Read More: Crypto Momentum Builds: 23% of Altcoins Now Outperforming Bitcoin

Bitcoin Crashes Below $103K Signaling Intense Bearish Pressure

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  • Bitcoin plunged 4% below $103,000 after Israeli airstrikes, signaling intense bearish pressure.
  • Ethereum’s funding rate collapsed despite a 60% surge in open interest since May 1.
  • Bitcoin briefly surpassed $110K but fell 1.2% as traders took profits after CPI data.

Bitcoin is trading around $103,990 at the time of writing, showing tentative signs of stabilization after a sharp 4% plunge triggered by escalating geopolitical tensions in the Middle East. The price briefly dipped below $103,000 following Israeli airstrikes on Iran but has since recovered modestly. 

On the 2-hour chart, Bitcoin remains under pressure, with Bollinger Bands widening and the price hugging the lower band—indicating increased volatility and bearish momentum.

Bitcoin’s failure to hold above the critical breakout level of $106,000 casts doubt on the rally seen earlier this week. Analysts at 10x Research have warned that this breakdown signals a false breakout, potentially opening the way for deeper corrections.

Circle IPO Fuels Unstable Crypto Momentum

Meanwhile, Ethereum’s market dynamics show a growing disconnect between price movement and speculative activity. Ethereum’s funding rate has collapsed even as open interest surged over 60% since May 1. The divergence suggests that much of the recent ETH activity may be driven by speculative excess rather than fundamental strength. The concern is underscored by one firm’s $425 million bet on the Ethereum treasury, which backfired dramatically as the company’s stock plunged 70% in after-hours trading.

10x Research attributes the recent surge in both Bitcoin and Ethereum largely to short-term hype, particularly linked to the Circle IPO. While this excitement momentarily boosted prices, the momentum appears fragile and overly speculative. Without solid fundamentals underpinning these gains, the sustainability of the rally remains doubtful.

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Bitcoin Traders Profit-Take Above $110K

Bitcoin also declined 1.2% to $107,369 and Ethereum slipped 0.96% to $2,746 after cooler-than-expected Consumer Price Index (CPI) data triggered a classic “buy the rumor, sell the news” reaction across crypto markets. Bitcoin’s initial push above $110,000 and Ethereum’s rise near $2,880 quickly reversed as traders took profits following CPI figures showing annual inflation at 2.4%, slightly below the forecast of 2.5%.

Technically, Bitcoin is trading comfortably above its 50-day exponential moving average EMA50. The price has not changed much within the channel since the mid of May and it has been moving in a consolidation phase after erasing the losses with a bullish correction.

BTCUSD 2025 06 12 09 42 53

Ethereum’s chart has a more optimistic, breaking out of its horizontal channel that previously contained a price between $2,400 and $2,700. The $2,400 level was strong enough and untouched consequently buyers are now confident in that level. Momentum indicators also show increased optimism for Ethereum, suggesting stronger technical resilience despite recent market turbulence.

ETHUSD 2025 06 12 09 43 33

Read More: Bitcoin’s Cycle Top: Will 2025 or 2026 Mark the Peak?