Franklin Bitcoin ETF

EZBC

Market cap $419M

Bitcoin's supply is scarce, and most of the coins in circulation aren't moving. Its price is also lower than its production cost, which suggests that it's oversold.

According to prediction market traders, Bitcoin's chances of hitting $150,000 by the end of June are just 4%. Despite these low odds, many investors remain bullish on Bitcoin's upside potential.

Bhutan has quietly reduced its bitcoin holdings in recent months, with government-linked transfers exceeding $40 million so far this year, according to blockchain analytics data. The sales come as the Himalayan nation continues to manage one of the world's most unusual sovereign crypto reserves, built primarily through state-backed bitcoin mining powered by surplus hydropower.

Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.

There's no obvious near-term catalyst on the horizon to end Bitcoin's downward grind. Institutional Bitcoin holdings have held relatively steady.

Bitcoin's rise has coincided with the Crypto Fear and Greed Index improving after it tanked deep into “extreme fear” during bitcoin's February crash, suggesting investors are jumping back into the cryptocurrency as it remains among prices not seen since 2024. Unlike the February free fall, which happened amid geopolitical uncertainty linked to the capture of Venezuelan President Nicolas Maduro and Trump's threats to seize Greenland, the conflict in the Middle East does not appear to hold the same weight for crypto investors.

On this week's episode of CNBC Crypto World, major digital currencies rebound even as a joint military operation in Iran raises volatility for traditional markets. Plus, Coinbase shares rise as President Trump backs stablecoin issuers' efforts to rewrite crypto market structure legislation.

Bitcoin pushes to month-high as ETF flows rebound. Trump blames banks for legislative delays.

Cryptocurrency rises as investors' risk appetite grows

Bitcoin's recent underperformance has a new scapegoat. The market manipulation being alleged is not necessarily supported by the data.