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An analyst said that easing ETF outflows and improving risk sentiment are being counterbalanced by a stronger dollar and cautious institutional positioning, keeping bitcoin largely stuck in a trading range.
Bitcoin climbs above $65,000 in early-week rebound
After another volatile week, crypto markets started Monday on a firmer note.
Bitcoin (BTC) and ether (ETH) both gained more than 2% over the past 24 hours, with BTC briefly moving above $65,000 and ETH rising to around $1,770.
Crypto-linked equities also moved higher, including Coinbase (COIN) and Galaxy Digital (GLXY), both up about 4.3%, while Circle Financial (CRCL) advanced 4.8%.
Michael Saylor’s Strategy (MSTR) rose 5.6%, while its recently pressured preferred stock STRC gained 2.5% to $90.85, continuing its recovery after briefly dropping below $83 last week.
Strive acquires 759 bitcoin for $50 million
Strive (ASST), often seen as following a similar strategy to Michael Saylor’s firm, announced Monday that it purchased 759 bitcoin for just under $50 million at an average price of $65,850.
The acquisition was funded through a mix of common stock issuance and high-yield preferred shares (SATA), according to filings.
Following the purchase, Strive now holds 19,864 BTC worth approximately $1.29 billion at current market prices.
Strategy expands cash reserves and adds 520 BTC
Strategy (MSTR) increased its cash reserves by $300 million to $1.4 billion while also purchasing an additional 520 bitcoin for $35 million, according to a Monday filing.
This brings total holdings to 847,363 BTC. The cash buffer, which supports dividend payments on its preferred “Digital Credit” securities, has increased by $400 million over the past two weeks, while bitcoin exposure has changed only modestly.
The company said it plans to continue replenishing its cash reserves to maintain credit quality, consistent with recent weeks where both cash and bitcoin accumulation have been funded through equity issuance.
Robinhood raises $2 billion via convertible notes
Robinhood (HOOD) plans to raise $2 billion through a private issuance of convertible senior notes due 2029, with an additional $200 million option for investors.
Roughly $300 million of the proceeds will be used for share buybacks, while other funds will support capped-call transactions designed to limit dilution up to a 125% premium to the issuance price.
Following the announcement, Robinhood shares fell about 2% in premarket trading.
Bank of England revises stablecoin rules
The Bank of England has withdrawn earlier proposals to cap individual stablecoin holdings, replacing them with a temporary £40 billion limit on total issuance per systemic stablecoin.
The revision follows pushback from lawmakers and industry participants who warned the original rules could hinder innovation. The regulator also relaxed reserve rules, allowing up to 70% of backing assets to be held in short-term UK government debt, while maintaining bans on interest payments but permitting transaction-based rewards. A regulated stablecoin framework is expected by 2027.
$10.5B bitcoin options expiry approaches
Around $10.5 billion in bitcoin options are set to expire on Deribit this Friday, marking one of the largest expiries of the year.
Bitcoin trades near $64,000, while the “max pain” level sits around $72,000. The put-to-call ratio of 0.83 suggests a mildly bullish positioning.
Large put interest is concentrated at $60,000, indicating key support, while call exposure is clustered near $80,000, marking a major upside target.
UK markets shrug off political transition
Markets showed limited reaction to the resignation of UK Prime Minister Keir Starmer, with sterling and gilt yields moving only slightly.
GBP/USD slipped about 0.15% to $1.32, while the 10-year gilt yield edged up to 4.85%, suggesting the move was largely anticipated.
HYPE options trade targets $150 rally
Onchain derivatives platform Derive recorded a large bullish options strategy in HYPE, positioning for a potential move toward $150 by late 2026.
The trader executed a bull call spread by buying $100 strike calls and selling $150 strike calls, a structure that profits if HYPE rises significantly but remains below the upper strike.
The strategy involved 50,000 contracts, reflecting expectations of upside while capping gains above $150. HYPE last traded near $67.
Strategy STRC rebounds near $90 as Saylor hints at BTC buy
Strategy’s preferred shares STRC recovered toward $90 after falling to $82.53 last week, while MSTR traded slightly higher in premarket action.
Executive Chairman Michael Saylor also suggested further bitcoin purchases, posting on X: “Looks better with more dots,” a phrase often interpreted as a hint of additional accumulation.
Bitcoin itself remained steady near $64,000.
Bitcoin stuck in range amid ETF outflows
Bitcoin continues to trade around $64,000, lacking a strong catalyst to break out of its recent range.
Although ETF selling pressure has eased, six consecutive weeks of net outflows highlight continued institutional caution as markets reassess Federal Reserve policy.
A stronger dollar and elevated yields are also weighing on demand, with the Dollar Index holding around 100.6–100.8.
While geopolitical tensions have eased following the U.S.–Iran agreement, the support has not been enough to offset tighter financial conditions.
Analysts expect bitcoin to remain range-bound between $60,000 and $67,000 in the near term unless ETF inflows return and institutional demand strengthens. For now, rebounds are viewed as technical rather than the start of a sustained uptrend.
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