Bitcoin Price Stuck at $63,400 as ETF Issuance Outstrips On-Chain Issuance
Bitcoin's price remained under pressure on Tuesday, trading slightly above $63,400, a 0.7% decline over 24 hours. This followed news that Strategy sold 1,690 BTC to fund a share buyback, causing a sharp drop. Despite briefly climbing above $64,400, the cryptocurrency quickly fell over $1,000 to a daily low near $63,394. Market data showed long position liquidations significantly outpaced short ones, with $34.4 million of the $39 million in total liquidations coming from longs.
The selling pressure from corporations was partially offset by a weekly inflow of $854 million into spot Bitcoin ETFs. Analysts at Bitfinex noted these inflows equate to absorbing roughly 13,300 BTC, more than four times the approximately 3,150 BTC issued by the network in the same period. This marks a significant shift from peak outflows in June.
However, Bitfinex warned that sustained price breakout is hindered by substantial supply in the $62,000-$65,000 range, with an estimated 1.79 million BTC held at those levels. Combined with ongoing corporate treasury sell-offs and high long-term Treasury yields, Bitcoin is expected to remain range-bound until ETF inflows consistently outpace seller pressure and softer inflation data reduces bond yields.
cryptonews.ru08/11 20:36