Crypto
Wintermute: Bitcoin Range Breakout Delayed by ETF Outflows and Miner Selling
Bitcoin's rally on softer rate-hike expectations has stalled due to ETF outflows and miner selling, according to Wintermute. The trading firm notes that $390 million left US spot BTC ETFs last week, marking the largest weekly redemption since early July.
The failure of lower rate-hike odds to lift Bitcoin's price raises questions about its near-term demand. While a re-escalation in oil prices could put the August CPI print at risk, Bitcoin has not responded positively to softer inflation expectations.
Miner selling is also a concern, with Riot Platforms selling 4,300 BTC during the second quarter after selling 3,778 BTC in the first quarter. The miner's treasury fell to 11,380 BTC as mining costs approached $91,000 per unit.