Finst

Bitcoin Rebounds to $64,000 After Strategy Sale

Bitcoin’s jump comes after Strategy confirmed a large BTC sale, while U.S. spot Bitcoin ETFs are seeing inflows again and traders are waiting on the Fed minutes.

By Finst News
• 2 min read
Bitcoin Rebounds to $64,000 After Strategy Sale

Key Takeaways

  • Bitcoin bounced from $61,391 to a peak of $64,529.61 in less than 24 hours after Strategy confirmed a sale.
  • The options market is still call-heavy, with 60.15% of open interest in calls and a max pain level around $63,000 in the near term.
  • U.S. spot Bitcoin ETFs pulled in $56.3 million on July 6, while Strategy still holds 843,775 BTC after the sale.

Bitcoin climbed from $61,391 (€53,800) to an intraday high of $64,529.61 (€56,500) in under 24 hours after Strategy confirmed a large BTC sale. The rebound is still intact as traders wait for the Federal Reserve minutes, and both the options market and ETF flows suggest the move is being taken seriously for now.

Options Market Still Call-Heavy

The derivatives market is still tilted to the upside. CoinGlass data shows that 60.15% of open interest across all expirations is in calls, while puts account for 39.85%. On the near-term side, the max pain level on Deribit, including the July 8 expiration, sits around $63,000 (€55,200).

That shorter-dated expiry is relatively small compared with the larger positions open for July 31 and later months. In other words, the market remains vulnerable to any surprise from Washington, especially with the Fed minutes covering the June 16 and 17 meeting, the first under Chair Kevin Warsh.

ETF Flows Pick Up Again

The spot Bitcoin ETF market is also showing fresh signs of strength. On July 6, U.S. spot Bitcoin ETFs added $56.3 million, or 884.97 BTC, according to CoinGlass. That builds on the market’s recovery after a 10-day run of outflows, which ended on July 2 with a $222 million (€194 million) inflow.

Total net assets in U.S. spot Bitcoin ETFs stood at $72.89 billion (€63.9 billion), while cumulative net inflows since the 2024 launch reached $51.58 billion (€45.2 billion), or 637,780 BTC. In the wider ETF market, the flow picture is still uneven, with Fidelity’s FBTC bringing in $166 million (€145 million) on July 2.

Strategy’s Move

Strategy’s sale was the immediate catalyst behind the drop. The crypto company sold 3,588 BTC for $216 million (€189 million) to fund dividends on its Digital Credit investment instruments, far more than the earlier rumor of 491 BTC. Even after the sale, Strategy still holds 843,775 BTC, making it the largest corporate Bitcoin treasury in the world.

For European crypto readers, the main point is that moves like this from a major institution do more than move spot prices. They also shape sentiment in derivatives and ETFs. With the Fed minutes and U.S. fund flows both in focus, Bitcoin may stay especially sensitive to new U.S. signals. Strategy’s capital structure is still a key part of the story here; the recovery in STRC is viewed by Cantor as essential to getting the company’s financing engine moving again.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.