U.S. spot Bitcoin ETFs pulled in their strongest weekly inflows since April, absorbing several times more coins than miners produced. Yet Strategy's sale of over a thousand BTC and a large cluster of cost bases near the current price show sellers are still pushing back against the rally.
U.S. spot Bitcoin ETFs absorbed about 13,300 BTC last week, according to a recent Bitfinex Alpha report — more than four times the roughly 3,150 BTC newly created by the network. The funds pulled in $865.3 million in net inflows across five straight sessions, their strongest weekly showing since April.
ETF Inflows Return, But Sellers Push Back
BlackRock's IBIT and Fidelity's FBTC accounted for much of the ETF activity. Ether-focused ETFs also recorded $243.7 million in inflows, extending their weekly streak and showing demand was not limited to Bitcoin.
Broader risk assets moved higher too, amid easing tensions and falling oil prices. The S&P 500 rose 3.58% for the week, while Bitcoin gained slightly more than 2%, a gap that points to other sources of supply still weighing on its price.
One notable source of that supply came from Strategy, which disclosed the sale of 1,638 BTC for approximately $104.7 million. The company sold the coins at an average price of about $63,957 and said it would use the proceeds for preferred dividends and a discounted share repurchase.
Strategy's sale adds to a broader supply overhang around Bitcoin's current trading range. An estimated 1.79 million BTC have cost bases between $62,000 and $65,000, creating potential selling pressure as the price moves through that band.
Why the Macro Picture Remains Mixed
Cooler employment data reduced expectations for an immediate Federal Reserve rate hike, but persistent selling pressure kept Bitcoin's move contained. July payrolls fell by 23,000, with earlier figures revised lower, and the three-month average job gain dropped to about 20,000.
Unemployment reached 4.1% as participation declined, adding to a labor picture that remains soft even as ETF demand strengthens.
Source: CryptoPotato
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