ETF Outflows and Miner Selling Weigh on Bitcoin's Range Breakout

Bitcoin's price is struggling to hold its June range floor after a significant $390 million left US spot BTC ETFs last week, according to Wintermute's latest market update.

The trading firm notes that despite softer rate-hike expectations, Bitcoin has failed to rally. In fact, the cryptocurrency is down nearly 1% over 30 days and 49% below its October all-time high of $128,000.

The ETF picture was also weak, with roughly $390 million leaving US spot Bitcoin ETFs between August 10 and 14. This marks the largest weekly redemption since early July.

Riot Platforms' sales of 4,300 BTC during the second quarter further contribute to the supply of Bitcoin in the market. The miner's treasury fell to 11,380 BTC as mining costs approached $91,000 per unit.