Bitcoin Range Breakout Delayed by ETF Outflows and Miner Selling

Bitcoin struggled to maintain its June range floor after $390 million left US spot Bitcoin ETFs last week, according to Wintermute's market update.

The trading firm noted that falling rate-hike odds failed to lift Bitcoin prices, while ETF redemptions and miner selling left the market without a strong source of fresh demand.

Miner selling is also becoming a concern as Riot Platforms sold 4,300 BTC during the second quarter after selling 3,778 BTC in the first quarter, with mining costs approaching $91,000 per unit.

The combination of lower rate-hike expectations and miner selling has led Wintermute to note that the inflation problem is moving from the Fed's hands to oil's.