Bitcoin · Strategy · Bitcoin ETF · Cointelegraph
Bitcoin sold off as news of Strategy selling BTC shook investors’ nerve but the quick rebound suggests bulls remain ambitiously
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Bitcoin price quickly recovered from the selloff to $61,300 that followed Strategy’s Bitcoin sale announcement.
Key facts
- Transfers from long-term holders to exchanges are down to 4,130 BTC per day on average, from 8,040 BTC one week prior
- Bitcoin bears might have underestimated the relevance of the $223 million net inflows into US-listed spot Bitcoin exchange-traded funds (ETFs) on Friday, the first after 10 consecutive outflows
- Regardless of Strategy’s extremely low 8% debt leverage, Bitcoin bears have the upper hand as the company endures $8 billion in unrealized losses from its Bitcoin purchases
- Typically, periods of stress can easily push the indicator above 2 times, hence the current 1.15 level remains under the neutral range
Summary
Bitcoin sold off as news of Strategy selling BTC shook investors’ nerve but the quick rebound suggests bulls remain ambitiously positioned. Onchain Bitcoin data points to sellers’ exhaustion, strengthening the $60,000 support level. The Bitcoin perpetual futures annualized funding rate jumped to 9% on Monday, indicating balanced demand between bullish and bearish leverage. The put (sell) options premium at Deribit outpaced the equivalent call (buy) instruments on Monday, reverting the trend from Thursday and Friday.