Two Prime founder and CEO Alexander Blume said Bitcoin’s recent rebound may have further upside as institutional investors that sold volatility face pressure to cover positions if prices keep rising. He said funding rates show no signs of overheating, while sustained spot ETF inflows and corporate buying are providing support. Blume said implied volatility has risen from 23%-24% to above 40 but remains low by historical standards. He added that BTC may have bottomed near $60,000 if the macro environment stays stable, with the main risk coming from a broad collapse in risk assets. MARA recently pledged its BTC holdings to secure a $600 million loan from Coinbase and Two Prime instead of selling directly, aiming to retain upside exposure. Blume also noted diverging AI strategies among miners, with Cipher Mining and TeraWulf pivoting more actively to AI infrastructure while CleanSpark and MARA continue exploring AI and power sectors alongside existing operations.