Market Update

Bitmine Immersion Technologies added 27,084 ether last week in a $43 million purchase that lifted its ETH holdings to 5.7 million tokens. Chairman Thomas Lee said quarter-end window dressing helped drive recent weakness in bitcoin and ether.

Bitcoin fell 5% to $58,000 in early Thursday U.S. trading, its lowest level since 2024. Derivatives and order-book data now point to crowded short positioning and deeper buy interest below the market, raising the odds of a sharp squeeze.

XRP fell about 2.5% to $1.19 after briefly trading above $1.22, as selling pressure pushed the token back under the key $1.20 level. Buyers held the line near $1.18, keeping the recent breakout intact for now.

More than $10.6 billion in bitcoin options will expire on June 26, making it the largest event on the calendar. With only about $2 billion currently in the money, most positions are sitting underwater.

XRP’s brief push above $1.25 faded quickly as sellers returned, sending the token back below the $1.22 to $1.23 area. Traders now see $1.20 as the line that could decide whether the recovery holds or breaks down.