Bitcoin Stalls Below $64k as ETF Inflows Offset Corporate Selling

Bitcoin's price has stalled at $63,400 after a volatile session that saw it plummet to an intraday low of $63,394. The cryptocurrency lost momentum after breaching the $64,000 level and failed to sustain a rally that pushed prices past $64,400 earlier in the day.

The trend continued from Monday night until Tuesday morning, with market data showing that long positions were liquidated at a rate more than four times faster than short positions. Coinglass data revealed that out of $39 million in total liquidations, long positions totaled $34.4 million while short positions accounted for just under $5 million.

Despite the selling pressure from corporate treasury liquidations and high long-term Treasury yields, a $854 million influx into spot bitcoin exchange-traded funds (ETFs) partially offset the impact. According to Bitfinex analysts, this represents the absorption of approximately 13,300 bitcoins, more than four times the roughly 3,150 bitcoins the network issued over the same period.

Bitfinex warned that a sustained breakout remains constrained by significant overhead supply, with an estimated 1.79 million bitcoins sitting on-chain at an average cost basis between $62,000 and $65,000.