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Bitcoin Holds Above $107K Ahead of Friday’s Big Options Expiry With $102K Max Pain Price

Bitcoin BTC traded in a tight range just during U.S. hours Thursday ahead of a big options quarter expiry on Friday.

The top cryptocurrency is currently trading for $107,500, down 0.2% in the past 24 hours, while the CoinDesk 20 — an index of the top 20 coins by market capitalization, except for stablecoins, exchange coins and stablecoins — lost 0.9% in the same period of time.

“This Friday marks one of the largest option expiries of the year on Deribit,” Jean-David Péquignot, chief commercial officer at Deribit, told CoinDesk. BTC options open interest stands at $40 billion, Péquignot said, and 38% of these contracts will expire on Friday.

“Max pain price for Friday is at $102,000, with a put/call ratio of 0.73,” said Péquignot.

Bitcoin’s implied volatility, measured by Deribit DVOL, dropped to 38% from 50% in what was a wild April, signaling perhaps that the market is increasingly confident in the cryptocurrency’s macro-hedge role, according to Péquignot. Meanwhile, put-call skews show no clear directional positioning for traders in the short-term.

“Bitcoin’s $105,000 level is pivotal, with technicals suggesting caution if support fails,” Péquignot said. “Low open interest in perps and fairly depressed Bitcoin implied volatility and skew are indicative of limited expectations for sharp price movements going into Friday’s expiry.”

A number of crypto stocks are managing gains on Thursday, with Core Scientific (CORZ) surging more than 33% off of a Wall Street Journal report that the bitcoin miner may soon be acquired by AI Hyperscaler CoreWeave (CRWV).

Circle (CRCL), Coinbase (COIN), Riot Platforms (RIOT) and Hut 8 (HUT) were higher by 5%-7%, while Strategy (MSTR) was lower by nearly 1%.

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Ethereum Not Out Of The Woods Yet: Why Another 30% Crash To $1,800 Is Coming

Crypto analyst Crypto Wave has indicated that Ethereum could witness another significant price crash, presenting a bearish outlook for the altcoin. This price crash is expected to mark Wave C of a corrective move, with ETH dropping to as low as $1,800.

Why Ethereum Could Still Drop To As Low As $1,800

In an X post, Crypto Wave declared that the primary expectation remains that Ethereum will see one more leg down in wave c of wave 2, targeting the zone between $1,950 and $1,700. Specifically, his accompanying chart showed that the largest altcoin by market cap could drop to around $1,800. 

The crypto analyst revealed that Ethereum has already hit the 0.5 fib retracement at $2,100, which is the minimum target for a Wave 2 correction. However, structurally, he claimed that this drop still looks like wave A only. Crypto Wave further explained that these ABC corrections are always three-part moves, and that is what he sees forming now for ETH. 

Ethereum

The broader crypto market, led by Bitcoin, has bounced back following the ceasefire between Israel and Iran. Ethereum has also rebounded, having dropped to as low as $2,100 last week. However, Crypto Wave suggested that the current market sentiment doesn’t invalidate this bearish setup for ETH and that it could still witness a deeper sell-off. 

The crypto analyst alluded to the fourth quarter of last year when Ethereum was underperforming heavily while many altcoins rallied. In line with this, he remarked that there could be a repeat of this scenario. However, on the other hand, Crypto Wave claimed that if ETH breaks above $2,880 impulsively, especially in one clean wave, then the correction could be over. He added that this would also put the altcoin in the early stages of a new bull cycle.

2021 Pattern Playing Out For ETH

In an X post, crypto analyst Merlijn drew similarities between the current Ethereum price action and that of 2021. He stated that the 2021 playbook is repeating, with ETH having a dead count bounce, then a final retest before the parabolic leg. The analyst expects the altcoin to retest the $2,000 level before the massive move to the upside. 

His accompanying chart showed that Ethereum could rally to as high as $11,000 on this uptrend. Merlijn had remarked that ETH has more firepower this time around than in 2021, which is why the altcoin could witness such a parabolic move to the upside. Interestingly, based on the chart, this rally is expected to happen between now and year-end.

At the time of writing, the Ethereum price is trading at around $2,480, up over 2% in the last 24 hours, according to data from CoinMarketCap.

Ethereum

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Lingerie Fighting Championships to Add $2M in Bitcoin to Treasury Ahead of Expansion to UK

The bitcoin treasury trend — which has seen many firms globally adopting Michael Saylor’s strategy — entered a new phase on Thursday.

Lingerie Fighting Championships (BOTY), a Las Vegas-based women’s MMA league, announced plans to acquire $230,000 worth of bitcoin within 30 days and up to $2 million over the next six months.

The decision to add BTC to its treasury coincides with LFC’s first shows in the UK. LFC43: Sindependence Day 2 is set for July 4 in London and has already sold out. LFC44: Underground Knockouts follows in Cardiff on July 6.

The firm did not provide any explanation for its bitcoin adoption in its press release. However, CEO Shaun Donnelly told CoinDesk that LFC believed that “bitcoin has lots of potential to grow to levels never seen before and we wanted to get in while we still can.”

“While we aren’t able to purchase a large amount I looked at it like real estate — even if it’s only a small starter home it’s better to be in the market than outside wishing you had gotten in when you could have,” he added.

A number of bitcoin treasury firms have elected to scale back their prior businesses in order to identify completely as a BTC company and focus on raising funds in order to buy bitcoin.

Lingerie Fighting Championships, meanwhile, could be taking the Tesla approach, simply converting some of its cash holdings into BTC.

UPDATE (June 26, 19:10PM): Updated with comments from Donnelly.

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XRP Gears Up For Major Move — Chart Signals Are Clear

XRP is showing all the signs of a move brewing, and the chart doesn’t lie. After a period of consolidation, price action is tightening, and technical indicators are flashing signals of an impending move. Whether it’s a surge to the upside or a sharp reversal, the setup is in place, and momentum is building. XRP looks loaded and ready to make its next move.

Volume Remains Subdued — Calm Before The Storm?

XRP price remains trapped inside a long-standing triangle, a pattern known for building pressure before sharp directional moves. The chart shows that sellers continue to push lower highs, compressing price action toward a support level.

Parshwa Turakhiya pointed out on X that the Exponential Moving Average (EMA) cluster between $2.17 and $2.23 is the key breakout zone capping any upward momentum. A clean break above this range could trigger a bullish reversal. On the other hand, $2.09 is the last line of defense for the bulls. If this level fails, the structure breaks down, and XRP could swiftly drop to $1.85.

Despite the building tension, the Relative Strength Index (RSI) remains neutral, which Parshwa Turakhiya describes as “the calm before the volatility storm.” The chart structure suggests that a move is imminent. With early July just ahead, Parshwa Turakhiya warns that a breakout or breakdown is coming, and it won’t be subtle. XRP is on the edge of eruption.

XRP

Fabio Zuccara stated that Dr. Profit, known for his sharp and historically accurate calls on XRP at $0.15, $0.38, and $0.50, has now projected a new mid-term target of $4.00. In a weekly chart shared via social media, XRP is forming a bullish structure, with a green arrow projecting a continuation move to the upside.

Zuccara outlined a crucial level for maintaining the bullish trajectory. This rebound adds strength to the outlook, suggesting that momentum is building in favor of the bulls.

In the same vein, SquirtleCharts revealed that XRP’s 4-hour chart has mapped out a precise path toward $3.00 target, with several resistance levels standing in the way, and each level varies in difficulty. The first is $2.22, the easy one, a weak resistance point that XRP could clear without much effort.

Next is $2.33, which SquirtleCharts labels as “a lot harder,” signaling a barrier that may require volume and conviction to break. The $2.48 level is “not too bad,” a moderate resistance area that might slow the rally but not be a roadblock. Finally, the $2.65 is the “pretty hard,” a zone where bulls may face challenges.

Perfect Technical Structure Sets Stage For Explosive Breakout

Massive move incoming for XRP. After a clean bounce off the $2.00 support level, the setup is aligning perfectly on the daily chart.

Sara emphasizes that the chart structure looks flawless, with price action respecting critical zones and now coiling for an explosive breakout, with momentum building and bulls defending the support zone. The next target is $3.50; a breakout might happen fast.

XRP

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Core Scientific Soars 25% as WSJ Reports Buyout Talks With CoreWeave

One year after unsuccessfully trying to purchase Core Scientific (CORZ), cloud and AI infrastructure firm CoreWeave (CRWV) is again in talks with the bitcoin miner, according to the WSJ.

Exact terms haven't been discussed, but a deal could be finalized in coming weeks, according to the story.

Roughly one year ago, CoreWeave tried to acquire CORZ for $5.75 per share, or about $1 billion. Up 25% today on this news, CORZ is currently trading above $15 per share.

Among other miners moving higher (though not nearly the magnitude of CORZ) are Hut 8 (HUT), IREN (IREN), and Cipher Mining (CIFR).

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NY Judge Slaps Down SEC, Ripple’s Second Request for an Indicative Ruling on Proposed $50M Settlement

A New York judge has rejected a joint request from the U.S. Securities and Exchange Commission (SEC) and Ripple Labs for her to approve a proposed settlement agreement that would slash Ripple’s civil penalty to $50 million and dissolve the permanent injunction against the firm.

It is the proposed removal of the permanent injunction, and not the $50 million civil penalty — discounted from the original $125 million imposed by the court last year — that appears to be the sticking point for District Judge Analisa Torres of the Southern District of New York (SDNY), who wrote in her Thursday ruling that a permanent injunction against further violations of federal securities laws was, as the SEC suggested at the time, “warranted because of the enormous sums of money Ripple made in violating the law and Ripple’s incentives to continue doing so.”

“Indeed, if the Court should not be concerned about Ripple violating the law, why do the parties want to eliminate the injunction that tells Ripple, ‘Follow the law’?,” Torres wrote. “When the Court imposed the injunction, it did so because it found a 'reasonable probability' that Ripple would continue violating federal securities laws. This has not changed, nor do the parties claim that it has.”

The request comes amid sweeping changes at the SEC following the election of U.S. President Donald Trump in January and the subsequent departure of former SEC Chair Gary Gensler. Under the SEC’s new leadership, the regulator has adopted a more crypto-friendly regulatory posture, creating a Crypto Task Force spearheaded by Commissioner Hester Peirce and dropping a host of investigations and litigation against crypto companies. However, as Torres pointed out in her ruling, most of those cases were dismissed by the SEC “before a court found a violation of federal securities laws.”

“Regardless of leadership changes, the SEC has avoided whipsawing between arguments in ongoing litigation in order to protect the agency's credibility,” said Corey Frayer, director of investor protection at the Consumer Federation of America. “In granting favors to crypto companies, SEC leadership has chosen to tarnish a 90 year reputation the agency carefully built.”

This is the SEC’s second request for an indicative ruling — essentially, a preview of what a lower court will do if a higher court sends the case back down to the lower court for a final decision — that Torres has rejected. In May, she slapped down the first such attempt, citing both jurisdictional and procedural flaws. Earlier this month, the parties tried again, filing a new, expanded request with the court arguing that “exceptional circumstances” warranted the modification of Torres’ final judgement.

Torres was completely unmoved by SEC and Ripple’s arguments, writing: “The Court respects the freedom of parties to amicably resolve their disputes. It is also true that the SEC, like any other law enforcement agency, has discretion to change course after an enforcement action is initiated. But the parties do not have the authority to agree not to be bound by a court’s final judgment that a party violated an Act of Congress in such a manner that a permanent injunction and a civil penalty were necessary to prevent that party from violating the law again. For that, the parties must show exceptional circumstances that outweigh the public interest or the administration of justice. They have not come close to doing so here.”

If the parties “genuinely wish to end this litigation today,” Torres wrote, they have two other choices: they can either withdraw their ongoing appeals in the case, or they can take an appeal.

“Neither option involves requiring this Court to absolve Ripple of its obligations under the law,” Torres said.

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Ripple Integrates Wormhole With XRP Ledger to Power Institutional Multichain Moves

Ripple is pushing deeper into multichain interoperability with the integration of Wormhole, a leading cross-chain messaging protocol, with the XRP Ledger (XRPL) and its EVM-compatible sidechain.

The move, announced Thursday, aims to support institutional demand for seamless movement of crypto assets, including stablecoins and tokenized real-world assets, across multiple blockchain networks, without added friction or fragmentation.

Wormhole’s integration unlocks the ability to transfer the blockchain’s native token XRP XRP, issued assets and multi-purpose tokens across more than 35 supported chains, including Ethereum ETH, Solana SOL and Avalanche AVAX.

Developers can also initiate cross-chain smart contract interactions using Wormhole’s messaging infrastructure. Ripple says the upgrade will help developers and institutions build multichain applications that prioritize compliance, low cost, and fast settlement.

“If you want real mass adoption, interoperability is essential. The infrastructure has to be there, not just on one chain, but across them,” said David Schwartz, the CTO of Ripple, in a press release shared with CoinDesk. “With this integration, tokens natively issued on the XRP Ledger are being set up for that reality by being able to move between blockchain networks while maintaining native issuance, and control.”

The development comes as the XRP Ledger increasingly positions itself as a hub for institutions and tokenized real-world assets such as real estate. For example, Dubai's first real estate tokenization platform was built on XRPL, which allows qualified investors to buy fractional shares in apartments and tokenizes title deeds on the network.

Ripple, a payments-focused blockchain development firm with close ties to XRPL, also issues its own regulated stablecoin Ripple USD RLUSD. The token has a $400 million supply across XRP and Ethereum chains, rwa.xyz data shows.

Read more: XRP Ledger's Ethereum-Compatible Sidechain to Go Live in Q2

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Ethereum Reclaims $2,444 Level – Bullish Continuation In Focus

Ethereum has bounced back sharply, reclaiming the $2,400 level after a volatile week marked by geopolitical tensions in the Middle East. Last weekend, ETH briefly dipped below the $2,200 mark as panic selling swept across global markets following US attacks on Iranian nuclear facilities. The sell-off triggered a sharp fakeout that briefly pushed ETH out of its multi-week trading range. However, bulls are regaining control, and Ethereum’s price action now signals the early stages of a potential recovery rally.

Top analyst Ted Pillows shared a technical analysis highlighting that Ethereum is reclaiming the key $2,444 resistance level — a zone that previously acted as both support and resistance throughout May and June. If bulls maintain momentum above this threshold, it could open the door for a bullish continuation toward the higher end of the established range.

While uncertainty remains due to lingering macroeconomic and geopolitical risks, Ethereum’s current structure shows renewed strength. Market participants are watching closely, as ETH often serves as a leading indicator for broader altcoin performance. Holding above $2,400 could become a catalyst for a broader rally, especially if Bitcoin continues to stabilize and approach new all-time highs.

Ethereum Battles For Breakout As Market Awaits Direction

Ethereum is trading at a critical juncture after a turbulent week of price action driven by geopolitical instability and macroeconomic uncertainty. Following a sharp drop below $2,200 amid panic selling over the Middle East conflict escalation, ETH has recovered significantly, now hovering around the $2,444 level. This price zone is key, not only as a technical resistance but also as a sentiment marker for traders watching for signs of a trend reversal or confirmation of a deeper pullback.

Analysts remain divided on what comes next. Some believe Ethereum’s recent recovery could signal the beginning of a bullish continuation, especially if price action holds and pushes above the upper range levels near $2,600. A breakout from this zone would indicate renewed strength and could set the tone for a broader altcoin rally, particularly as Ethereum often leads sector momentum. Others, however, warn that the recovery might be short-lived, and a retreat to lower demand zones could occur if macro conditions worsen.

Ted Pillows notes that Ethereum is currently reclaiming the $2,444 resistance level. He emphasizes that bullish continuation into the range highs is necessary to confirm breakout strength. Until then, traders are watching closely, as any rejection at this level could shift momentum back to the downside. With global tensions and monetary tightening from central banks continuing to influence markets, the coming weeks may determine whether ETH enters a new uptrend or retreats further into its long-standing consolidation range.

Ethereum reclaims key price levels | Source: Ted Pillows on X

ETH Faces Long-Term Resistance

The weekly chart of Ethereum (ETH/USD) shows a strong recovery from the $2,189 low, with ETH currently trading at $2,463 — a 10.5% gain so far this week. This sharp bounce comes after a fakeout below the $2,200 level and suggests renewed buying pressure following recent geopolitical volatility. However, price is now testing a major confluence zone formed by the 50-week ($2,660), 100-week ($2,625), and 200-week ($2,437) simple moving averages.

ETH testing weekly resistance | Source: ETHUSDT chart on TradingView

This cluster of moving averages is acting as resistance, capping ETH’s upside momentum. Historically, when Ethereum breaks through these long-term trend lines, a significant trend continuation follows. But for now, bulls must decisively clear this $2,450–$2,660 zone to confirm a breakout and open the door toward the $3,000 psychological level.

Volume has slightly increased, indicating rising interest, but the rejection wicks from prior weekly candles suggest the market remains indecisive. As long as ETH holds above the 200-week SMA ($2,437), the structure remains constructive, but a breakdown below it would likely reintroduce bearish sentiment.

Featured image from Dall-E, chart from TradingView

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Key U.S. Senator Tells White House Crypto Market Structure Bill Will Be Done by Sept. 30

WASHINGTON, D.C. — U.S. Senator Tim Scott, the chairman of the Senate Banking Committee, told a White House crypto adviser on Thursday that legislation establishing rules for the U.S. crypto markets will be finished by September 30 — later than President Donald Trump had in mind, but earlier than the year-end prediction from one of the leading lawmakers crafting the bill.

At a Thursday press event in his committee's hearing room, Scott told Trump crypto adviser Bo Hines that the new deadline is possible for the legislation, and expressed agreement with Trump that the U.S. House of Representatives should also quickly sign off on the stablecoin bill the Senate passed last week.

Scott, whose committee recently shared some guidelines for how some senior Republicans want the markets regulations to look, said he intends a timeline “seeing market structure completed before the end of September. I think that is a realistic expectation.”

To that, Senator Cynthia Lummis, who heads the digital assets subcommittee focused on that work, said, “Yes, sir. You're the chairman, and we will do as you wish.”

Meanwhile, top House lawmakers have been hesitant to announce their own strategy for the two related bills on crypto market structure and stablecoins. The House had been in the lead on the former issue, with its Digital Asset Market Clarity Act having cleared the necessary committees on its way toward the House floor. But Representative French Hill, the chairman of the House Financial Services Committee that's leading the charge, declined to reveal whether the House will move on the Senate's Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.

Hill signaled this week that he thinks some issues need to be worked out between the GENIUS Act and the House's own stablecoin legislation, which would suggest a lengthier process that might jeopardize the short-term deadlines the Senate has in mind.

Senator Lummis had only the day before said at a Washington event that she predicted all the crypto legislation would be completed by the end of the year. That suggested a window going much later than President Trump's wish of finishing by the August congressional break. But even Scott's Sept. 30 timeline goes longer than Trump requested.

One potential hindrance to a quick process is immediately apparent: There's no matching sense from the Senate Agriculture Committee, which needs to also weigh in on this major, complex legislation. So far, the Banking Committee has been leading the charge on market structure, but it can't approve the bill on its own, and Lummis acknowledged after the Thursday event that the process hasn't been as urgent for that other committee.

For his part, the White House's Hines said the president favors the House simply signing off on the stablecoin bill the Senate approved, without further work on it, and he praised the timeline commitment made by Scott and Lummis, adding, “I think it’s very clear you both understand what’s happening.”

In a response to a CoinDesk question on working with the House, Scott said the two chambers are “one team.”

“I've been very clear that I think the president's mandate of moving GENIUS Act immediately to his desk is in the best interest of the American people,” Scott said.. “I believe that we can do both in a very time-sensitive matter, and that is why I've committed to a deadline.”

He said the House's market structure bill, the Clarity Act, is a “strong template for us to move forward on.”

Read More: Leading Crypto Senator Sees End of Year as U.S. Legislation Target

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Hong Kong Sets Out Plan to Regulate Crypto, Encourage Tokenization

Hong Kong’s government released its second major policy statement on digital assets, underlining its pledge to set the region up as a global hub for the industry and saying it plans to establish a regulatory regime that puts risk management and investor protection center stage.

The framework will be overseen by the Securities and Futures Commission and apply to custodians, digital asset service providers, exchanges and stablecoins, the government said Thursday. Public consultations on the licensing regimes will start shortly, it said.

Hong Kong has been making moves in recent years to strengthen its position in the industry, and the statement builds on an earlier pronouncement from 2022, when it said it was “ready to engage” with participants. In December, it granted licenses to four crypto exchanges, and last month passed a law allowing it to license stablecoin issuers from Aug. 1.

The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority will also review the legal regime on the tokenization of real-world assets (RWAs) and financial instruments, the government said. The review will look at tokenized bond issuances and transactions. The government is particularly looking at the practical use of tokenization plus how to diversify use cases, Financial Secretary Paul Chan said in the statement.

Worldwide, RWA tokenization has grown by 380% in just three years and reached $24 billion this month, according to a first-half 2025 report from RedStone, Gauntlet and RWA.xyz.

“The Government will regularise the issuance of tokenised Government bonds and incentivise the tokenisation of RWAs to enhance liquidity and accessibility through, among other initiatives, clarifying the stamp duty treatment for tokenised exchange traded funds (ETFs),” the government said. It also welcomes secondary market trading of these tokenized ETFs on licensed trading platforms.

Nations across the globe like the U.K., U.S., South Korea and Pakistan are establishing their regimes for crypto companies as interest in the sector continues to grow. The European Union's rules for the industry, the Markets in Crypto Assets (MiCA) legislation, were published in 2023 and took effect last year.

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Spot DOGE ETF Appears Nearer as Bitwise Amends Filing

A spot dogecoin ETF DOGE may be coming closer to reality.

ETF issuer Bitwise updated a regulatory filing for its dogecoin ETF on Thursday, suggesting approval chances could be growing, according to one expert.

“Bitwise has filed amended S-1s for their spot dogecoin ETF and their spot aptos ETFs,” wrote Bloomberg Intelligence's Eric Balchunas. “Good signs as it indicates SEC engagement, and tracks with other spot approvals.”

Also noteworthy is the fact that the dogecoin ETF filing was amended to include in-kind redemptions and creations, meaning that the broker-dealers interacting with the ETF can directly trade shares for DOGE tokens, or vice versa.

“Near-lock at this point that in kind will be allowed in spot ETFs across board,” Balchunas added.

As of right now, all U.S.-based crypto ETFs must swap their tokens for cash, then swap that cash for shares (or swap the shares for cash, then the cash for tokens), which creates a tax event.

The news isn't helping prices much, with DOGE lower by about 2% over the past 24 hours to $0.16.

21Shares has also filed for a dogecoin ETF, while Grayscale has filed for a dogecoin trust with a 2.5% fee.

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Tether Seeks More Active Role at Juventus After Buying Over 10% of Soccer Club

As well as being issuer of the world's largest stablecoin, USDT, Tether also owns more than 10% of Juventus FC and is now looking to play a more active role in the running of the Italian soccer powerhouse.

Tether asked to participate in the club's recent capital increase and be granted a board seat in May, according to an emailed statement from the stablecoin issuer.

“While these requests were not taken up at the time, a new meeting date has since been proposed, and we are currently coordinating with stakeholders to confirm availability or suggest an alternative if needed,” Tether said.

Juventus dominated Italian football throughout the 2010s winning nine consecutive Serie A titles between 2011 and 2020, but has been in a rebuilding mode since finishing between third and seventh in each of the five seasons since their last championship.

Tether increased its stake in I Bianconeri (“The White and Blacks”) to over 10% in April, having bought 8.2% of the club in February. It is now Juventus' second-largest shareholder. Exor, the holding company of the Agnelli family, owns 65%.

“[Our] intention is to be a supportive and engaged partner in the club’s future,” Tether said. “We recognize that significant investment will be needed to build a competitive squad, and we are prepared to contribute meaningfully to that effort.”

The news of Tether's requests was previously reported by Bloomberg on Wednesday.