Bitcoin is struggling to hold its June range floor after $390 million left US spot Bitcoin ETFs between August 10 and 14, according to Wintermute. The cryptocurrency is trading around $64,000, down 3.12% for the week, as ETF redemptions and miner selling left the market without a strong source of fresh demand. Riot Platforms sold 4,300 BTC in the second quarter, reducing its treasury to 11,380 BTC with mining costs approaching $91,000 per unit, resulting in a quarterly loss of $237 million. Wintermute believes Bitcoin’s failure to rally despite falling rate-hike expectations signals that the marginal seller is back, weakening the depletion argument the firm has carried since week 31.
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