BITCOIN UNDERPERFORMS ETHER, BROADER MARKET

Summary from the TLDR Crypto newsletter

Bitcoin held above $111,000 but gained less than 1% over 24 hours, underperforming the broader cryptocurrency market as the CoinDesk 20 Index rose 3.2% and smaller tokens in the CoinDesk 80 gained 4%. With over $14.6 billion in Bitcoin and Ether options set to expire Friday at a "max pain" level of $116,000, options sellers have incentives to push BTC higher toward that strike price to minimize their costs. The standout performer was Cronos (CRO), which surged over 56% after Crypto.com and Trump Media announced plans to create a $6.4 billion CRO treasury company that will integrate the token into Truth Social's rewards system. Despite Bitcoin's recent sideways action, its 200-day moving average crossing above $100,000 signals the continuation of a strong long-term uptrend that has been in place since late April.