Bitcoin Price Stalls at $63,400 Amid Volatility and ETF Inflows
Bitcoin's price stalled at $63,400 on August 11 after a brief morning rally to $64,400 failed. The cryptocurrency dipped 0.7% in value over 24 hours, with volatility triggering $39 million in total liquidations.
The majority of these liquidations were long positions, with Coinglass reporting $34.4 million in losses. In contrast, short positions accounted for just under $5 million in liquidated assets.
Despite this selling pressure, the influx of funds into spot bitcoin exchange-traded funds (ETFs) helped to partially offset the impact. Analysts at Bitfinex noted that these inflows represent the absorption of approximately 13,300 bitcoins, which is more than four times the amount of BTC issued by the network over the same period.
However, Bitfinex also warned that a sustained breakout remains constrained by significant overhead supply. An estimated 1.79 million bitcoins sit on-chain at an average cost basis between $62,000 and $65,000.