The Fragile Relief Rally

The fragile standstill in the Middle East has eased Bitcoin traders’ panic, but they’re not tearing up their hedges against a sharp drop just yet, according to Bybit chief market analyst Han Tan.

“Relief rallies across the risk complex have been limited by lingering doubts over a meaningful end to this Middle East conflict,” Tan said. 

“The fragile ceasefire remains on shaky ground,” he added.

Bitcoin powered 8% after the U.S. and Iran announced a conditional two-week truce that includes steps tied to reopening the Strait of Hormuz. The narrow shipping lane carries about a fifth of global oil and liquefied natural gas.

The ETF Inflows

April has seen $411…

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Lee has been clear: buybacks make sense when a stock trades below “intrinsic value,” reported MEXC.

The Math Behind The Move

And right now, BitMine’s balance sheet tells an interesting story—its Ethereum (CRYPTO: ETH) holdings are estimated at over $10 billion, while its market cap sits closer to the $9–10 billion range.

That gap matters.

Because if BitMine is effectively trading at—or below—the value of its ETH holdings, then buying back stock isn’t just financial engineering. It’s a cheaper way to gain exposure to Ethereum.

Stock Vs ETH: The Same Trade, Different Price

Here’s the trade-off investors are now looking at:

Buying ETH directly offers clean, 1:1 exposure.

Buying BitMine…

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Bitcoin trades around $72,000 as Bitcoin ETFs saw $343.3 million in net inflows on Thursday, while Ethereum ETFs reported $85.2 million in net inflows.  

Meme coin market capitalization is up 0.5% to $34 billion over the past 24 hours.

Trader Commentary: 

Crypto chart analyst Ali Martinez said Bitcoin is trading within a key supply zone between $63,111 and $73,200, an area where many investors previously accumulated.

If price remains within this range, these holders are likely to defend their positions, creating strong support and resistance driven by psychological factors.

Ted Pillows noted that Ethereum has slipped below $2,200 amid renewed geopolitical tensions following a ceasefire…

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U.S. Treasury Secretary Scott Bessent called crypto leaders resisting the Clarity Act “nihilists” as the bill remains stalled over stablecoin yield disputes with midterm elections threatening passage.

The Nihilists Attack

“A growing share of crypto development has relocated to places with clear rules, such as Abu Dhabi and Singapore”, Bessent wrote in The Wall Street Journal.

Though industry nihilists may argue otherwise, there is one way to give developers and entrepreneurs the comfort to reshore: durable law.

“Congress has spent the better part of half a decade trying to pass a framework to onshore the future of finance”, Bessent added. 

The Senate Banking Committee must hold a markup…

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Platform Launch and Infrastructure

BitGo said AndX USA LLC is leveraging its platform, built on BitGo Bank & Trust, for digital asset services. The platform enables secure buying, selling, and custody of digital assets across all 50 states.

The offering includes institutional-grade security, compliance capabilities, and custody backed by $250 million in insurance coverage.

Integration and Capabilities

Through its API-driven infrastructure, BitGo enables AndX to accelerate deployment while integrating custody, transfers, and trading workflows, resulting in a more streamlined user experience.

Frank Wang, managing director and head of fintech at BitGo, said crypto platforms no longer need to…

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The Bear Market Zone

Bitcoin remains within bear market territory according to key on-chain pricing models. 

The realized price at $54,000 represents the average acquisition cost of all circulating supply. The True Market Mean at $78,000 narrows this calculation to only actively transacted coins.

Price trading within this band is historically consistent with a market that has not transitioned into a sustainable recovery. 

Bitcoin also trades below the Short-Term Holder Cost Basis at $81,600, the level at which recent buyers collectively break even.

Until price reclaims $81,600, the mid to long-term bias tilts to the downside. Any rally into this zone will likely encounter meaningful…

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