Rangebound Bitcoin Absorbs Corporate Supply as Decoupling Intensifies
Bitcoin's price has decoupled from traditional assets, but remains stuck in its established $62,000, $65,000 range. Despite repeated breakouts and reclaims of the Q1 low at $63,000, the market shows no strong catalyst for a genuine breakdown.
The most important seller this week was Strategy, which disclosed selling 1,638 BTC worth $104.73 million to cover preferred shares trading below par. This move extended its Monetization Program sales and lifted its dollar reserve to $4 billion.
However, the corporate supply was quickly absorbed by the ETF complex, with spot Exchange Traded Fund inflows covering the disclosed sale 3.6 times over. Derivatives pricing suggests neither side is aggressively positioning for a resolution in either direction at current prices.