Crypto World
Bitcoin Faces Worst Six-Month Decline Since 2018; Five Takeaways
Bitcoin is approaching the March monthly close with a potential sixth straight month in the red, hovering in the mid-$60,000s as macro headlines keep risk-off sentiment front and center. The latest price action saw BTC test the $65,000 area early in the week, with traders eyeing $67,500 to $68,000 as near-term resistance and noting a lack of sustained demand to spark a durable rebound. The backdrop combines geopolitical frictions around Iran with inflation and growth concerns, while equities tilt lower and expectations for aggressive Fed easing retreat.
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BTC sits near critical levels: a move back above the $68,000–$69,000 zone is needed to shift the short-term bias away from a bearish channel.
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Macro headlines remain a headwind, as tensions around Iran and energy markets feed inflation and risk-off sentiment in stocks and crypto alike.
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March risks becoming a sixth red month for Bitcoin; April historically offers stronger average returns, though the path depends on macro liquidity and on-chain demand.
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On-chain behavior shows whales reducing exposure while large exchange inflows rise, signalling potential near-term selling pressure in the absence of fresh buying demand.
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New buyers are concentrated around a cost-basis between $60,000 and $70,000, a band that could indicate a fragile cushion for a meaningful rebound unless demand strengthens.
BTC price action tightens around critical levels
Bitcoin’s price action has resumed a cautious stance, with a late-week dip into the mid-$60,000s followed by a modest rebound. Data from Cointelegraph and price-tracking services show BTC hovering around $65,000, with traders highlighting resistance near the $68,000–$69,000 zone. A breach above that range would be a notable shift, while failure to reclaim higher ground keeps the market in a downbeat configuration.
Analysts underscored a pattern of lower highs and a break below prior support, signaling renewed short-term bearish momentum unless BTC can reclaim the $69,000–$70,000 area. In a Telegram update circulated to subscribers, a popular observer noted that the formation of a bear-flag structure on shorter timeframes points toward a continued path of least resistance to the downside unless price quickly reclaims the higher band around $69,000–$70,000.
Market chatter through the week framed this as a continuation of a broader bearish setup that has been developing since mid-March, with traders wary of a potential retest of the mid-$60,000s. Previous cycles have shown that the price must break above the immediate resistance to alter the near-term tilt; otherwise, the scenario remains skewed toward further downside toward a demand zone near $65,000.
Macro headwinds: geopolitics, energy, and monetary policy
Macro markets remain highly sensitive to geopolitical developments in the Middle East, where ongoing tensions are affecting energy prices and risk assets. Reports drawing attention to the potential for further escalation have kept oil markets elevated and injected volatility into equities and crypto alike. As the energy complex tightens and inflation dynamics stay in focus, traders are closely watching how policy signals will adapt to a higher-for-longer inflation regime.
Market commentary has connected these geopolitical and energy factors to broader risk sentiment, noting that tensions surrounding the Strait of Hormuz and related supply constraints can propagate into inflation expectations and the pricing of longer-dated rates. In parallel, a softening in equities has coincided with fading bets on rate cuts this year, a dynamic that has historically correlated with renewed caution in Bitcoin and other risk assets.
Observers point to the Fed’s policy outlook as a crucial hinge for crypto markets. With expectations for significant near-term rate relief waning, long-dated yields have moved higher on inflation concerns, complicating the prospect of any quick crypto rebound. Analysts at market-monitoring firms have highlighted that the combined effect of energy-price pressures and a cautious stance on monetary easing could keep upside momentum contained for Bitcoin in the near term.
April on the horizon? Historical context and potential mean reversion
March is shaping up to be a difficult month for Bitcoin, with data-tracking firms signaling a possible continuation of a six-month losing streak. CoinGlass data shows BTC on the cusp of closing March in the red, maintaining a structure that would echo the strongest downtrends Bitcoin has faced in recent cycles.
Some traders point to historical patterns where April has been more forgiving or even positive for Bitcoin. A number of market observers have highlighted that, in past cycles, April has yielded meaningful upside after a prolonged downturn, though much depends on macro conditions and liquidity flows. One analyst noted that early April strength could set up mean-reversion longs, particularly if broader macro conditions stabilize and Bitcoin retrieves risk-appetite from other assets.
The discussion around April’s potential gains is tempered by the reality that the long-term trend remains under the control of larger-timeframe structure. Another trader emphasized that while a fast bounce is possible, the overarching trend has not yet reversed without a clean break above the defined resistance level and a shift in on-chain demand dynamics.
Whales, liquidity, and the new-buyer base
On-chain dynamics reveal an evolving balance between accumulation and distribution. After an aggressive early-2026 phase of buying, Bitcoin whales have started to pare back some exposure, with analysts noting a divergence between on-chain accumulation and actual supply inflows to exchanges. In a quick-take assessment, CryptoQuant highlighted rising exchange inflows alongside a drop in on-chain buying, suggesting the market could face renewed selling pressure without fresh inflows of demand from buyers at scale.
That narrative is reinforced by stablecoin activity: the stablecoin ratio has remained subdued, indicating a relative dearth of sidelined capital waiting to re-enter the market. As a result, any renewed selling pressure from whales could find limited immediate liquidity, making price moves more sensitive to the available bid depth and to new buyers stepping in at meaningful volume.
Glassnode’s data adds nuance to the debate about demand and supply. The firm pointed out that a notable portion of new Bitcoin buying is concentrated in a cost-basis band between $60,000 and $70,000. While this indicates that new buyers are entering the market, the overall cluster is thinner than past cycles that followed strong recoveries. In other words, a sustained rebound would likely require a clearer uptick in demand rather than a mere reallocation of existing liquidity.
Beyond the headline numbers, the broader takeaway is that a meaningful recovery requires a shift in both macro conditions and on-chain demand. Short-term holders remain underwater for much of their holdings, reinforcing the sense that fresh buyers and renewed risk appetite will be essential to re-accelerate BTC higher.
This article is prepared with reference to market data and commentary from CoinGlass, CryptoQuant, Glassnode, and Mosaic Market, among others, to frame the ongoing crypto-price dynamics against a backdrop of macro and liquidity trends.
This article is produced in accordance with editorial policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions.
What to watch next: a clear shift above the $68,000–$69,000 zone could retarget the immediate resistance and potentially alter the near-term outlook, while continued macro fragility could keep Bitcoin tethered to the current range. market participants will also monitor on-chain signals for renewed demand and any changes in whale behavior as the market moves into April.
IRGC news on Monday confirmed that Iran’s Revolutionary Guards declared they will take “necessary action against the terrorist US military” once the safety of the Touska’s crew is confirmed, CNN reported, after the USS Spruance fired on the Iranian-flagged cargo vessel in the Gulf of Oman and US Marines rappelled from helicopters to board and seize the ship.
Summary
- The IRGC said it faced “certain limitations” responding immediately because family members of the crew were on board, making the retaliation conditional rather than cancelled.
- The USS Spruance fired several rounds from its 5-inch gun after the Touska ignored six hours of warnings, then US Marines boarded via helicopter and took full custody of the vessel.
- Iran’s joint military command separately warned that any attack on civilian targets will produce retaliation that is “much more devastating and widespread” than anything seen in the conflict to date.
IRGC news from Monday’s CNN report confirmed that Iran’s Revolutionary Guards were prepared to retaliate for the Touska seizure but were constrained by crew family members aboard. The IRGC, via the Tasnim News Agency, stated it was “prepared to respond decisively” and described the US action as “blatant aggression.” The retaliation was conditional, not cancelled.
“Once the safety of the families and crew of the vessel targeted by the United States is ensured, the powerful armed forces of the Islamic Republic of Iran will take the necessary action against the terrorist US military,” the statement said.
The Touska is an Iranian-flagged cargo vessel nearly 900 feet long that attempted to cross the US naval blockade in the Gulf of Oman on Sunday. US Central Command reported it ignored warnings over a six-hour period. The USS Spruance fired several rounds from its 5-inch gun before US Marines rappelled from helicopters and took custody of the ship. Trump announced the seizure on Truth Social, calling the attempt something that “did not go well for them.”
The seizure crosses a qualitatively different threshold from all prior confrontations in the conflict. Iranian IRGC gunboats firing on commercial tankers, attacking Gulf state infrastructure, and even firing on US warships are all actions that have occurred in the current conflict without triggering a direct US-Iran military exchange. The US boarding and seizing an Iranian-flagged vessel is a new category.
Iran is legally and politically compelled to respond with force or concede that the US can freely seize its ships under blockade enforcement. The presence of crew family members aboard introduced a practical constraint on any immediate counter-strike. The IRGC’s specific language makes the conditional nature explicit: retaliation is deferred, not abandoned. Markets and policymakers should expect an Iranian military response within days of the crew situation being resolved.
Iran’s joint military command issued a parallel statement warning that “if attacks on civilian targets are repeated, the next stages of our offensive and retaliatory operations will be much more devastating and widespread,” adding a second threat track alongside the IRGC’s vessel-specific vow.
What Makes This Seizure Different From Prior Escalations
When Iran fires on commercial tankers, the immediate victims are private shipping companies. When the US boards and seizes an Iranian-flagged vessel, Iran faces a sovereign humiliation requiring a proportional state-level response. Trump’s public description of the event, framed as Iran failing in an attempt that “did not go well for them,” removes any diplomatic ambiguity and makes a face-saving off-ramp significantly harder to construct.
What happens to the Touska, its cargo, and its crew now determines the escalation path. If the US uses the ship as a negotiating chip, offering to return the crew and cargo in exchange for ceasefire concessions, a narrow exit exists. If the US treats the vessel as a war prize to be permanently retained, the IRGC’s stated intention to retaliate becomes near-certain once crew safety is confirmed.
The Crypto Market Implication
For Bitcoin markets, a confirmed Iranian military strike on US naval assets would constitute a new category of escalation beyond anything the ceasefire period has produced. The institutional demand floor that has kept BTC above $70,000 through the conflict has absorbed successive escalations with each drawdown smaller than the last. A direct US-Iran naval exchange would test whether that floor holds under the most severe risk-off scenario the conflict has presented, with Brent crude likely breaking through $100 and all macro tailwinds for risk assets reversing simultaneously.
Key Takeaways
- Mizuho slashed PayPal’s rating from “Outperform” to “Neutral” while reducing the price target to $50 from $60
- X Money, Elon Musk’s upcoming payment solution, poses significant competitive risks to PayPal’s peer-to-peer payment operations
- Fourth-quarter results disappointed — earnings per share of $1.23 versus $1.29 analyst expectations; sales totaled $8.68B against $8.82B forecasts
- Company insiders offloaded 87,608 shares totaling approximately $3.83M during the last three months
- Wall Street’s consensus stands at “Hold” with a mean price objective of $56.61
PayPal is navigating challenging waters as Wall Street analysts adopt a more conservative stance. Mizuho Financial Group recently lowered its assessment of PYPL from “Outperform” to “Neutral,” simultaneously slashing the price objective by $10 — dropping from $60 to $50.
With shares trading near $50, this revised target implies minimal room for appreciation. The rating change signals Mizuho’s reassessment of PayPal’s market standing beyond immediate financial metrics.
The catalyst? Elon Musk’s X Money initiative. Set for an April debut, this payment solution is designed as the financial infrastructure of Musk’s “super app” vision. It merges payment processing, digital wallet functionality, and e-commerce capabilities — all integrated within X’s platform.
This description closely mirrors PayPal and Venmo’s core offerings. Mizuho identified X Money as a significant competitive challenge to PayPal’s peer-to-peer transaction services and branded payment solutions.
X boasts more than 400 million active monthly users. This represents a substantial ready-made customer base for any financial service launch. The platform is reportedly preparing to roll out cashtags for monitoring equities and cryptocurrencies, alongside potential collaboration with Visa.
Additional speculation suggests that X Money might provide yields approaching 6% on account balances — a capability that would position it as a serious alternative to established fintech offerings.
Quarterly Results Fell Short of Expectations
PayPal’s latest financial performance did little to alleviate investor concerns. The company posted fourth-quarter earnings of $1.23 per share, missing the $1.29 Wall Street consensus. Revenue registered at $8.68 billion versus projections of $8.82 billion.
While revenue increased 4% compared to the prior year, such modest expansion fails to inspire confidence as competitive pressures mount across multiple segments.
Market observers project annual EPS of $5.03 for PayPal. Shares currently trade at a price-to-earnings ratio of 9.39, appearing inexpensive — though the valuation discount reflects underlying concerns.
Citi and Wells Fargo both maintain Hold positions on the security, pointing to decelerating growth prospects and eroding market position. Goldman Sachs adopted a more bearish stance, reducing its target to $41 with a “Sell” recommendation issued in February.
Bank of America initiated coverage during March with a “Neutral” outlook and $48 price objective. Across the 45 analysts monitored by MarketBeat, 7 recommend Buy, 32 suggest Hold, and 6 advise Sell.
Institutional Investors and Company Insiders Reduce Holdings
Waterfront Wealth Inc. reduced its PYPL holdings by 45.8% during the fourth quarter, divesting 22,251 shares. The fund’s remaining position of 26,372 shares carried a value near $1.495 million at period close.
Company insiders have also been net sellers. During the previous 90 days, executives and directors disposed of 87,608 shares valued at roughly $3.83 million. Notable transactions include insider Suzan Kereere reducing ownership by 54.83% in February, while CAO Chris Natali cut his stake by 65.95% in March.
Institutional ownership remains substantial at 68.32% of outstanding shares. While certain smaller funds marginally increased positions in the third quarter, larger portfolio adjustments have predominantly involved position reductions.
PayPal’s 52-week trading range extends from $38.46 to $79.50. Shares opened Monday’s session at $50.81, trading above the 50-day moving average of $44.88 yet considerably beneath the 200-day average of $55.76.
The company maintains a quarterly dividend of $0.14, equating to an annual payout of $0.56 and yielding approximately 1.1%.
Key Highlights
- BlackBerry shares climbed approximately 15% following news of enhanced NVIDIA collaboration
- Partnership brings together QNX OS for Safety 8.0 and NVIDIA’s IGX Thor technology
- Target applications include safety-critical edge AI for industrial automation and robotics
- Announcement came weeks after the company exceeded quarterly earnings expectations
- Recent insider activity shows $260K in sales with zero purchases over three months
Shares of BlackBerry (BB) experienced a dramatic rally exceeding 15% on April 20, 2026, driven by news of an enhanced technology alliance with NVIDIA (NVDA).
The collaboration focuses on merging BlackBerry’s QNX OS for Safety 8.0 operating system with NVIDIA’s IGX Thor computing platform alongside the Halos Safety Stack. This integration aims to enable engineers to create and launch mission-critical edge AI applications.
The strategic initiative zeros in on industries demanding absolute dependability — specifically industrial automation and advanced robotics. In these environments, software malfunctions transcend mere technical glitches and become serious liability concerns.
Blackberry’s QNX platform has maintained a steady presence in the safety-certified operating system landscape. This alliance provides the technology with prominent exposure through NVIDIA’s cutting-edge hardware.
Market sentiment was amplified by recent context. BlackBerry had delivered better-than-expected quarterly results in early April, generating renewed investor interest even before this partnership was unveiled.
The dual catalyst — strong financial results combined with a prominent AI-focused announcement — propelled shares significantly higher during Monday trading.
Breaking Down the NVIDIA Integration
The NVIDIA IGX Thor architecture serves edge AI deployments in harsh operational conditions. Combining it with QNX OS for Safety 8.0 delivers engineers a certified, real-time operating foundation for systems requiring stringent safety compliance.
The Halos Safety Stack enhances the package by providing additional functional safety capabilities. This comprehensive toolkit targets developers creating advanced robotics and industrial AI solutions.
BlackBerry has consistently expanded its software and IoT presence. Earlier in 2026, the company secured an agreement with Chinese electric vehicle manufacturer Leap Motor, demonstrating ongoing traction in automotive markets.
Current Stock Positioning
BB traded near $4.86 when the partnership was disclosed. According to GuruFocus analysis, the GF Value stands at $3.58, suggesting the stock trades roughly 35.8% above the platform’s calculated fair value estimate.
The price-to-earnings ratio currently registers at 59.73x, significantly lower than the five-year median of 113.81x — indicating valuation compression from historical peaks, though still elevated in absolute terms.
The company’s GF Score of 71 out of 100 demonstrates respectable financial strength and growth metrics, though a profitability ranking of merely 3 out of 10 highlights persistent challenges converting revenue into sustainable earnings.
Regarding insider transactions, no purchases occurred during the previous three months. Sales by company insiders totaled $260,489 during this timeframe.
Daily trading volume averages approximately 8 million shares. Prior to today’s surge, BB had gained roughly 8.4% year-to-date.
Technical indicators already signaled a buy rating before the session’s rally commenced.
Bitmine Immersion Technologies, the world’s largest public holder of Ether, increased its ETH treasury last week with another large purchase.
The company acquired 101,627 ETH during the week of April 13 to April 19, according to a press release and an accompanying Form 8-K filing with the US Securities and Exchange Commission on Monday.
The purchase marks Bitmine’s largest Ether buy since Dec. 15, 2025, according to chairman Tom Lee. “Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case ETH is in the final stages of the ‘mini-crypto winter,’” Lee said.
Following the purchase, Bitmine said it held 4,976,485 ETH valued at roughly $11.5 billion at a reference price of $2,301 per token. The company also holds 199 Bitcoin (BTC), a $200 million stake in Beast Industries, a $107 million stake in Eightco Holdings and $1.12 billion in cash. The company’s total crypto and cash holdings are $12.9 billion.
The latest update extends Bitmine’s lead among public company Ether treasuries as crypto balance sheet strategies continue to spread across public markets.
Bitmine is 82% of the way to the “alchemy of 5%”
In holding 4.98 million ETH, Bitmine now owns more than 4% of total Ether circulating supply. The company said its broader goal remains to reach the “alchemy of 5%,” a long-term target it has been working toward through repeated large-scale purchases.
The purchase came after Bitmine recently started trading on the New York Stock Exchange after uplisting from the NYSE American as the company expanded its share buyback program.
Bitmine has also expanded its staking operations through its MAVAN (Made in America Validator Network) platform. The system is designed to support institutional-grade Ethereum staking with an emphasis on performance and security.
The company reported that 3.33 million ETH is currently staked, generating annualized staking revenues of over $200 million.
Related: Ether treasuries need liquid staking edge to beat ETFs, says Lido exec
At Paris Blockchain Week 2026, Lee said the recent crypto slump was a “mini crypto winter,” and predicted that Ether could climb above $60,000 over the next few years.
Crypto World
Bank of Hawai’i (BOH) Q1 2026: Net Income Drops to $57.4M as Net Interest Margin Expands
Executive Summary
- BOH net income decreases to $57.4M while net interest margin gains strength
- BOH shares advance as spread improvement offsets quarterly profit reduction
- BOH demonstrates consistent loan and deposit trends alongside enhanced margin performance
- BOH quarterly profit declines but fundamental balance sheet indicators remain robust
- BOH registers reduced earnings while preserving superior credit metrics and capital adequacy
Bank of Hawai’i Corporation unveiled a contrasting picture in its first quarter 2026 financial performance, with net income retreating while fundamental banking indicators displayed resilience. Shares climbed to $81.52, gaining 1.79%, as investors responded positively to intraday price action and consistent upward trajectory. The quarterly report emphasized net interest margin expansion, deposit stability, and disciplined credit management even as bottom-line figures softened.
Profitability Softens as Spread Performance Strengthens
Bank of Hawai’i Corporation disclosed diluted earnings per share of $1.30 during the opening quarter of 2026. The institution generated net income totaling $57.4 million, representing a sequential quarterly reduction of 5.7%. Return on average common equity contracted to 13.90% from the preceding quarter’s 15.03%.
Net interest income expanded to $151.0 million, posting a 3.9% sequential increase. This advancement stemmed from reduced funding costs following monetary policy adjustments. The net interest margin strengthened to 2.74%, climbing 13 basis points and demonstrating enhanced profitability on the core balance sheet.
Average yields on earning assets experienced modest compression to 4.03%, while loan portfolio yields retreated to 4.75%. These declines originated from repricing dynamics on variable-rate instruments responding to the evolving rate environment. Nonetheless, reinvestment activities in fixed-rate instruments provided offsetting yield support.
Asset Portfolio Consistency and Operating Cost Dynamics
Total assets registered $23.9 billion as of quarter-end March 2026, reflecting a modest 1.1% sequential contraction. The reduction primarily originated from diminished cash position holdings. Securities classified as available-for-sale alongside total loan exposures posted incremental growth throughout the reporting period.
Aggregate loans and leases climbed to $14.2 billion, bolstered by expansion in commercial real estate portfolios. Business lending advanced 2.0%, while retail loan segments experienced slight attrition attributable to scheduled principal payments. Total deposit liabilities contracted 1.1% to $21.0 billion, although non-interest-bearing deposits held steady near the 27% threshold.
Noninterest income retreated to $41.3 million reflecting subdued origination volumes and fee generation. Concurrently, noninterest expenses elevated to $116.1 million, propelled by compensation-related outlays and infrastructure investments. Adjusted calculations revealed moderate expense trajectory growth, underscoring disciplined cost oversight despite typical quarterly patterns.
Superior Asset Quality Metrics and Capitalization Framework
Credit quality indicators maintained exceptional performance as non-performing assets contracted to $12.1 million. This figure constituted merely 0.09% of aggregate loans and leases outstanding. Credit loss provisioning similarly declined to $1.8 million, signaling contained portfolio stress.
Net charge-off activity totaled $1.1 million, demonstrating enhanced collection outcomes relative to the prior reporting period. The allowance for credit losses measured $147.0 million, sustaining a steady coverage ratio of 1.04%. These measurements validated ongoing prudent underwriting and portfolio monitoring practices.
Capital adequacy ratios persisted at elevated levels surpassing regulatory thresholds. The Tier 1 capital ratio stood at 14.40%, while the leverage ratio strengthened to 8.62%. The company executed $15.1 million in share repurchases and announced a $0.70 per share quarterly dividend, underscoring its commitment to shareholder capital distribution.
Bitcoin (BTC) erased losses after Monday’s Wall Street open as markets largely shrugged off the return of the US-Iran war.
Key points:
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Bitcoin joins stocks in a muted reaction to the latest US-Iran deterioration and closure of the Strait of Hormuz.
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BTC price manages to top 2.5% daily upside despite the lack of resolution.
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Analysis warns that Bitcoin market strength is begin driven by Strategy and speculators.
Markets avoid volatility as BTC price stays green
Data from TradingView showed 2.5% daily gains for BTC/USD, which had closed the week below $74,000.
US stocks saw modest downside as the week began, but the losses remained modest, while oil began retracing an initial move toward $90.
The repositioning came a day after US President Donald Trump announced a fresh round of negotiations over Iran in Pakistan.
“My Representatives are going to Islamabad, Pakistan — They will be there tomorrow evening, for Negotiations,” he wrote in a post on Truth Social on Sunday.
Trump appeared to dismiss the significance of Iran closing the Strait of Hormuz, calling its announcement “strange.”
Responding, crypto trading company QCP Capital suggested that markets had already readjusted expectations of the war’s outcome and timeline for it.
“Despite the pullback in spot alongside renewed tensions, volatility has stayed notably subdued, hovering near year-to-date lows,” it wrote in its latest “Market Color” update.
“This disconnect between realised risk and implied pricing suggests investors are recalibrating expectations toward a more episodic pattern of escalation: on-and-off disruptions around the Strait, paired with cycles of rhetoric and de-escalation. In effect, markets are beginning to price duration rather than intensity, pointing to a conflict that may be more protracted than initially assumed, but still contained within current bounds.”
QCP added that even with the US-Iran ceasefire due to officially expire within days, that event was unlikely to be definitive.
“The base case, for now, remains one of range-bound volatility, rather than a decisive breakout across major asset classes,” it concluded.
Strategy, speculators under the microscope
Analyzing short-term BTC price moves, J. A. Maartunn, a contributor to onchain analytics platform CryptoQuant, had some bad news for bulls.
Related: BTC price due new highs: Five things to know in Bitcoin this week
Bitcoin’s recent local highs, he suggested, were simply a result of buying pressure from Strategy and speculative traders, with sellers stepping in to take profit, halting the rally.
“Where does that leave price? Not far,” he summarized in an X thread.
Maartunn said that BTC/USD remained stuck below “key resistance,” including the cost basis of short-term holders (STHs) near $83,000.
“Long-Term Holders keep accumulating, and Strategy isn’t done yet,” he acknowledged.
“The key question: is it enough to push Bitcoin higher? For now, this still looks like a bear market rally… But a strong breakout could quickly shift the trend.”
This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.
Key Takeaways
- EBF shares plummet 9% to $19.63 following quarterly report
- 4% revenue increase overshadowed by margin compression concerns
- Earnings per share stability insufficient to boost investor confidence
- Declining margins and sluggish demand outweigh profit improvements
- Robust financial position fails to prevent sharp stock decline
Shares of Ennis, Inc. (EBF) experienced a significant downturn following the company’s release of quarterly and annual financial data that demonstrated consistent profitability alongside moderate revenue expansion. Trading at $19.63, the stock fell 9.41% and remained near its lowest levels of the session following a pronounced selloff. Investor sentiment appeared influenced by deteriorating margin performance and lackluster organic growth despite the company’s ability to maintain earnings stability.
Latest Quarter Reveals Revenue Growth Amid Margin Deterioration
The company disclosed quarterly sales totaling $96.4 million, representing a 4.0% year-over-year advancement. Nonetheless, gross profitability margin experienced a modest contraction to 29.2% from 29.5% in the comparable prior-year period. Net earnings totaled $8.8 million, with diluted earnings per share holding firm at $0.35.
On a sequential basis, performance indicators revealed additional strain, with gross margin deteriorating from 31.9% in the immediately preceding quarter. EBITDA similarly decreased to $16.3 million, accounting for 17.0% of total sales. These figures compared unfavorably to $16.5 million and 17.8% of sales recorded in the year-ago quarter.
Acquisition activity generated $8.8 million in quarterly revenue, providing partial mitigation against softer organic sales volumes. Diminished customer demand for traditional printing solutions continued to create headwinds for overall business performance. The financial data suggested operational consistency but revealed an absence of robust expansion catalysts.
Annual Results Demonstrate Margin Expansion Despite Revenue Contraction
Across the complete fiscal period, Ennis recorded total revenue of $392.4 million, reflecting a marginal 0.6% decline versus the preceding year. Notwithstanding this top-line softness, gross profit climbed to $120.4 million, with margins expanding to 30.7% from 29.7%. Net income advanced to $42.6 million, while diluted earnings per share increased to $1.66.
Strategic acquisitions bolstered bottom-line performance, adding $0.14 per share across the full fiscal year. The company demonstrated disciplined operational execution, enabling margin improvement despite stagnant revenue dynamics. Consequently, profitability metrics strengthened even as sales volume remained essentially flat.
Full-year EBITDA amounted to $75.7 million, constituting 19.3% of total sales. This represented meaningful improvement compared to the prior year’s 18.3%. These metrics underscored ongoing operational rigor and successful expense management initiatives throughout the fiscal period.
Financial Position Remains Solid as Strategic Initiatives Progress
Ennis sustained a formidable financial foundation characterized by zero debt obligations and expanding cash holdings. The organization also executed share buybacks totaling approximately 793,000 shares for $14.5 million throughout the year. These measures demonstrated management’s commitment to strategic capital deployment and enhancing shareholder value.
Inventory levels were reduced from $60.8 million to $54.9 million during the reporting quarter. This action followed previous initiatives to address supply chain vulnerabilities stemming from a domestic manufacturing facility closure. The company successfully identified alternative supply partners to ensure uninterrupted operational continuity.
Integration of Northeastern Envelope Company into corporate systems reached completion. This consolidation enhanced expense oversight and pricing strategy execution throughout business operations. Nevertheless, persistent erosion in printed product demand coupled with margin pressures continued to weigh on market perception.
An Ethereum whale has opened a significant long position on Ether (ETH) worth $90.8 million, in what looks like a bold bet that the upside is not over for the top altcoin.
Key takeaways:
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Ethereum whale opened a leveraged long position totaling $90.8 million.
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Ether price chart’s ascending triangle targets $3,230.
Top traders open new ETH long positions
Data from TradingView showed the ETH/USD pair trading at $2,280, or 32% higher than the $1,750 low reached on Feb. 6.
Holding above $2,200, Ether offered some cause for optimism ahead of key volatility triggers.
“Strong retail sales could push yields higher and delay Fed cuts, while weak data would fuel risk-on bets,” analyst AlphaBTC said in a Monday post on X, referring to the main macro drivers this week, adding:
“Fed commentary and PMI data add growth signals, while geopolitical risks remain the wildcard catalyst for sudden volatility.”
As market participants waited for the next catalysts, attention has shifted to a trader with an impressive track record, who has opened a long position worth about $90.8 million in ETH, with 20x leverage.
Analyst TAnotepad noted that another whale, 0x6C851, has opened a $61 million ETH long position at 20x leverage with entry around $2,303 on HyperLiquid.
These moves coincide with continued flows into spot Ethereum ETFs, which have recorded net inflows for seven consecutive days, totaling $426 million.
Meanwhile, global Ethereum investment products recorded $328 million in inflows during the week ending April 17.
This reinforces the narrative that whales and institutions view the recent ETH price rebound above $2,400 as a promising move that could open the way toward $3,000.
Ether’s ascending triangle targets $3,200 ETH price
Ether’s price action has formed a classic ascending triangle on the daily chart, as shown below.
The pattern will resolve once the ETH/USD pair breaks above the triangle’s resistance line at $2,400. If this happens, the price could rise by as much as the maximum distance between the triangle’s trend lines.
That puts Ether’s breakout target at about $3,230, up by more than 41% from current price levels.
The relative strength index has increased to 54, from oversold conditions at 18 on Feb. 6, suggesting increasing upward momentum.
However, the breakout could be curtailed by resistance from the $2,350-$2,500 resistance zone, marked by the 50-day exponential moving average (EMA).
Above that, the next major hurdle is the 200-day EMA at $2,640.
Zooming out, analyst Micro2Macr0 said that a breakout from a multi-year ascending triangle could lead to a 60%-%100% ETH price rally.
As Cointelegraph reported, ETH price closing above $2,400 resistance, puts it on the path for a recovery toward $2,800, then to $3,050 over the next few days or weeks.
This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.
Crypto heads into the new week with its Friday rally on shakier ground.
The announced reopening of the Strait of Hormuz sent oil lower and pushed risk assets higher, including bitcoin and the wider crypto market. The opening reversed on Saturday, with Iran firing at ships attempting to pass and the U.S. seizing an Iranian-flagged tanker on Sunday.
With the ceasefire set to expire by mid-week, traders will be watching whether the risk-on rotation can survive a renewed energy shock.
The technical level to watch is clear. Luke Nolan, senior ETH research associate at CoinShares, told CoinDesk the follow-through hinges on bitcoin holding its ETF cost basis near $74,000.
“With Hormuz reopening, oil is off and equities have caught a bid back to ATHs, pulling crypto higher with it,” Nolan said. “Follow-through now hinges on BTC decisively holding above its ETF cost basis (~$74k), which would confirm the risk-on rotation already visible in flows. ETF flows have turned positive the last three sessions, and a pickup in that pace would be supportive of the move higher.”
A decisive hold above $74,000 into the ceasefire deadline, paired with a fourth straight session of positive ETF inflows, would validate the rotation thesis. A break below would bring volatility back into the sector.
What to Watch
(All times ET)
- Crypto
- April 30: Comment period on the CFTC’s Advanced Notice of Proposed Rulemaking on prediction markets closes.
- Macro
- April 20, 7:30 a.m.: Canada Consumer Price Index YoY for March (Prev. 1.8%); Core Rate (Prev. 2.3%)
- April 21, 1:30 p.m.: Fed Gov. Christopher J. Waller speech on”Modernizing Reserve Bank Operations” at Brookings Institution, Washington, D.C.
- April 22, 1:00 a.m.: UK Consumer Price Inflation YoY for March (Prev. 3.0%); Core rate (Prev. 3.2%)
- April 22, 7:30 p.m.: Japan S&P Global Services PMI Flash for April (Prev. 53); Manufacturing PMI (Prev. 51.6)
- April 23, 7:30 a.m.: Canada Producer Price Index YoY for MArch (Prev. 5.4%); MoM (Prev. 0.4%)
- April 23,7:30 a.m.: U.S. Initial Jobless Claims for week ending April 18 (Prev. 207K)
- April 23, 8:45 a.m.: U.S. S&P Global Flash U.S. Manufacturing PMI for April (Prev. 52.3); Services PMI (Prev. 49.8)
- April 23, 3:30 p.m.: U.S. Fed Balance Sheet for period ending April 22 (Prev. $6.71T)
- April 23, 6:30 p.m.: Japan Consumer Price Index YoY for March (Prev. 1.3%); Core CPI (Prev. 1.6%)
- April 24, 3:00 a.m.: Germany Ifo Business Climate for April (Prev. 86.4)
- April 24, 9 a.m.: U.S. Michigan Consumer Sentiment Final for April est. 47.6 (Prev. 53.3)
- Earnings (Estimates based on FactSet data where available)
- April 22: Tesla (TSLA), pre-market, $0.3
- April 22: CME Group (CME), pre-market, $3.29
- April 23: Nasdaq (NDAQ), pre-market, $0.93
Token Events
- Governance Votes & Calls
- SafeDAO is voting to allocate 5 million SAFE tokens to fund a six-month staking rewards program and interface development for Safenet Beta. Voting ends April 20.
- Unlock DAO is voting on a payment plan to compensate members for their contributions to the collaboration platform throughout March and April. Voting ends April 20.
- RootstockCollective DAO is voting on a 20,000 USDRIF grant to fund a security audit for TYKORA Prize Vaults, a no-loss savings protocol. Voting ends April 20.
- ENS DAO is voting to update its DNSSEC implementation by repointing algorithm 7 to a previously patched contract, adding proper padding validation to correct an omission from a prior security update. Voting ends April 21.
- Decentraland DAO is voting to overhaul its transparency infrastructure by establishing named ownership for all record-keeping systems, publishing strict maintenance standards, and creating a single accessible portal for the community to locate data. Voting ends April 22.
- Telcoin Platform Council DAO is voting to allocate 50 million TEL to hire a strategic telecom advisor to drive GSMA adoption. Voting ends April 22.
- Aavegotchi DAO is voting to appoint nine multi-sig signers for 2026-2027, maintain a 5-of-9 security threshold, set their quarterly compensation at $1,000 in GHST and establish a succession plan. Voting ends April 22.
- Lightchain AI DAO is voting to explore adding an optional Moonpay fiat on-ramp to its AI chat, focusing on feasibility and risks without committing any funds or approving implementation yet. Voting ends April 23.
- Gitcoin DAO is voting to claw back remaining unclaimed fees from the discontinued public goods network (PGN). Voting ends April 24.
- Parallel DAO is voting to begin sunsetting its V2 EUR stablecoin by halting most new issuance and imposing a punitive 50% borrow rate to encourage users to repay their existing debt. Voting ends April 24.
- Unlocks
- April 20: LayerZero (ZRO) to unlock 5.35% of its circulating supply worth $48.33 million.
- April 22: Undeads Games (UDS) to unlock 13.47% of its circulating supply worth $37.09 million.
- April 23: Toncoin (TON) to unlock 1.47% of its circulating supply worth $49.75 million.
- April 25: Humanity Protocol (H) to unlock 4.02% of its circulating supply worth around $11.88 million.
- April 25: Avalanche (AVAX) to unlock 0.39% of its circulating supply worth $15.6 million.
- April 26: Plasma (XPL) to unlock 3.73% of its circulating supply worth $10.10 million.
- Token Launches
Conferences
Crypto exchanges Binance, Gate.io, and Bitget have all reportedly opened investigations into the $6 billion collapse of RaveDAO’s RAVE token this weekend.
The live music themed token saw its daily trading volume exceed $300 million in the run-up to its all-time high on Saturday, a market capitalization of $6.7 billion and a price of $27.
This was short-lived, however, as the token plummeted by -97% in the days that followed.
Before RAVE’s collapse, on-chain investigator ZachXBT warned of “Pump and dump activity” from RAVE insiders trading the token on Binance, Bitget, and Gate.io.
He accused RaveDAO of manipulating the token’s price by controlling over 90% of the token’s supply, which was allocated to three wallets connected to RaveDAO’s team.
Read more: Vercel breach leaves DeFi frontends dangling on a $2M ransom
Zach also posted a bounty, which he later increased to $25,000, for any whistleblowers to come forward and share evidence about the parties involved. Today, OXK CEO Star Xu also said he would contribute an extra $25,000 on top of Zach’s original bounty.
Binance co-CEO Richard Teng, Bitget CEO Gracy Chen, and Gate.io CBO Kevin Lee all announced that they would investigate the token following Zach’s warnings.
However, Zach wasn’t impressed by the response time, and noted, “Exchanges need faster intervention on manipulation.”
He added, “While it’s good the exchanges responded, I find it unlikely this activity wasn’t spotted internally before I raised it publicly.”
The token had already started to spiral by the time the crypto exchange’s announced investigations.
RaveDAO says it has nothing to do with RAVE’s collapse
RaveDAO is a music venue project that gave participants NFTs at its hosted gigs while donating a portion of the proceeds to charities.
On Saturday, after the token collapsed, RaveDAO claimed its team “is not engaged in, nor responsible for, recent price action.”
It added that it plans to liquidate some unlocked tokens “based on TRS” so it can “fund operations, global hiring, marketing, strategic acquisitions and philanthropic efforts.”
Solana user @FabianoSolana claims there are three major faces behind RaveDAO, co-founders Yemu Xu, Felix Xu, and core contributor Ronald Elliot Yung.
Zach failed to elicit a response from Yemu Xu on X days before the collapse. Felix Xu’s X posts are currently private, and neither Yemu Xu nor Yung has posted since February 2026.
Read more: Crypto trader shorted the top, still lost 3,963%
Yemu Xu is the co-founder of the ARPA network and Bella Protocol, and is also an ambassador for the environmental magazine Ocean Geographic. Felix Xu also co-founded ARPA network and Bella Protocol, and the pair have featured in Forbes’ 30 under 30 Asia listing.
Yung claims to have studied at Harvard University and works for Penrose Tech, which was also co-founded by both Xu’s. Yung spoke to CoinDesk in 2025 about RaveDAO’s goals.
Ironically, he said, “The winners will be platforms that treat culture as a living ecosystem, not a quick flip, and that balance on-chain innovation with the off-chain work of building trust.”
Don’t short RAVE and don’t buy $M, ZachXBT warns
Zach already warned users to avoid shorting the RAVE token due to its manipulated supply. Some traders attempted to short the RAVE token at its peak, but still lost profits tallying -3,963%.
Now Zach has moved on to another shady token created by MemeCore. $M reportedly had a market capitalization of $6 billion, while over 90% of its supply was controlled by insiders.
The token was promoted by Grayscale and Zach is again warning users against placing shorts against it.
Zach has since threatened to report MemeCore’s staff to the US Immigration and Customs Enforcement agency after MemeCore’s CEO poked at Zach’s comments.
Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.
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