Bitcoin Climbs Past $65K as Oil Slides After Iran Tensions Ease

CoinEx chief analyst Jeff Ko expects bitcoin to continue trading within a narrow range around $65,000 as falling oil prices, a 4.7% 10-year Treasury yield, and a busy week of major technology earnings shape market sentiment.

Tom Lee’s Bitmine Immersion increased its ether holdings by nearly 10,000 ETH last week, adding 9,946 tokens and raising its total ether reserves to 5,787,414 ETH.

The company also expanded its stock repurchase program, buying back 6.1 million common shares compared with 5.5 million shares the previous week.

Chairman Tom Lee said the company increased its buyback activity because the rising ETH/BTC ratio, even amid reduced expectations for the Clarity Act passing in 2026, suggests improving strength across crypto markets.

BMNR shares gained 4.9% before the market opened as ether climbed roughly 3% over the previous 24 hours.

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

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

According to a Monday SEC filing, Strive funded the purchases through a combination of available cash and proceeds from common stock sales.

Strategy increased its so-called USD Reserve by $525 million last week, bringing the balance to $3.75 billion. Executive Chairman Michael Saylor said the reserve represents about 2.1 years of coverage for preferred stock dividends.

The company raised $544.5 million through the sale of more than 5.4 million common shares, according to an SEC filing.

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

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

MSTR shares were up 2.8% in pre-market trading, supported by a slight weekend increase in bitcoin prices, while STRC gained 2.45%.

Chinese memory chip manufacturer CXMT surged following its IPO, becoming one of China’s most valuable publicly traded companies after its shares jumped roughly 466%.

CXMT, often viewed as China’s rival to U.S. chipmaker Micron and South Korea’s SK Hynix and Samsung, reached a market capitalization of about $484 billion, surpassing the previous leader Industrial and Commercial Bank of China.

Apple could potentially become one of CXMT’s customers, as the company has reportedly been seeking approval from the Trump administration to use CXMT chips in devices sold outside the United States.

Oil prices dropped sharply as tensions between the U.S. and Iran appeared to ease over the weekend.

U.S. Ambassador to the United Nations Mike Waltz said President Trump was allowing diplomacy “some space,” contributing to lower energy prices.

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

The drop in oil prices boosted risk sentiment, with U.S. stock futures moving higher. 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 showed stronger gains of around 2% to 3%.

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

Layer-1 blockchain WEMIX and DeFi protocol Garden Finance paused operations after separate attacks affected at least $1.17 million in stablecoins, though Garden said its own protocol and user funds remained safe.

WEMIX reported that an attacker compromised ownership of a related contract and illegally minted about 5.23 million tokens. Those assets were exchanged for 30,736 WEMIX and approximately $724,200 in USDC.e before being moved across Ethereum and BNB Chain.

Separately, blockchain security firm Blockaid reported that around $450,000 in USDT was drained from Garden Finance’s hash time-locked contracts across multiple networks, including Ethereum, Base, Arbitrum, and BNB Chain.

Garden Finance said its smart contracts were not breached and attributed the issue to a compromise involving an independent solver’s off-chain database, stating that user funds were unaffected.

SpaceX shares have fallen enough that some investors are effectively assigning little to no value to its artificial intelligence business, according to Morgan Stanley analyst Adam Jonas.

The company’s stock has declined after its post-IPO rally, falling from an initial $135 price to around $115 after reaching a high of $225 during its first week of trading.

Jonas said that if shares decline toward $100 following an upcoming insider lockup expiration, the market could be valuing SpaceX’s AI operations at zero or even a negative value.

The analyst maintained a $300 price target and encouraged investors to buy, arguing that the selloff reflects weak sentiment rather than deteriorating fundamentals. Nearly 80% of analysts covering the company rate it as a buy, with an average target of $232.

SpaceX also holds approximately $1.2 billion worth of bitcoin based on current prices, according to Arkham data.

The ether-to-bitcoin ratio climbed to 0.03, reaching its highest level since late April, according to TradingView data.

The ETH/BTC pair moved above its 200-day simple moving average for the first time since January and has gained more than 20% since the market downturn stabilized on June 6.

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

China continued increasing its gold purchases despite growing adoption of blockchain and crypto technologies in other major economies.

The world’s second-largest economy imported approximately 173 tonnes of gold in June, marking its third consecutive month of increased purchases and the highest level since March 2024.

The demand has come not only from institutions but also from retail investors using bank-based savings programs to accumulate gold gradually.

China maintains strict restrictions on cryptocurrency trading, mining, and stablecoins as part of efforts to prevent capital outflows and financial risks.

Jeff Ko of CoinEx said bitcoin is likely to remain range-bound as several factors have helped stabilize market conditions.

Ko pointed to declining oil prices following another pause in U.S.-Iran tensions, the 10-year Treasury yield approaching 4.7%, and expectations that the Federal Reserve may preserve flexibility ahead of upcoming PCE inflation and second-quarter GDP data.

Corporate earnings could become the next major market driver, with Apple, Microsoft, Meta, and Amazon all reporting results this week. Ko said their cash flow outlook and AI spending plans could influence Treasury yields, Nasdaq performance, and indirectly the liquidity available for crypto markets.

He added that the details behind ETF flows may be just as important as the overall inflow and outflow figures.

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