Key takeaways:
BTC failed to hold $70,000 despite strong ETF inflows as selling by public miners offset recent institutional buying.
Options markets reflect high demand for downside protection as a 17% put premium signals cautious sentiment.
Bitcoin (BTC) failed to sustain Monday’s $70,000 level despite $471 million in net inflows into US-listed spot exchange-traded funds (ETFs). The market’s initial excitement faded following reports that multiple US and Israeli aircraft and equipment were destroyed during a military operation in Iran over the weekend.
Since the S&P 500 remained relatively flat between Friday and Tuesday, Bitcoin’s inability to maintain bullish momentum likely stems from other factors.
Bitcoin US-listed spot ETFs daily net flows, USD. Source: SoSoValue
The US-listed Bitcoin ETFs recorded $471 million in net inflows on Monday, the highest in over five weeks; however, the trend for the preceding two weeks remained muted, signaling a lack of conviction. Part of traders’ concern stems from recent Bitcoin sales by publicly listed miners.
Bitcoin miner and digital asset treasury companies put BTC under pressure
MARA Holdings (MARA US) reportedly transferred 250 BTC on Tuesday, according to Lookonchain data. MARA previously announced the sale of 15,133 BTC in March and reported 38,689 BTC held in total. Traders fear additional sell pressure as multiple miners focus on trimming debt to fund a strategic shift toward AI computing data centers.
Riot Platforms (RIOT US) transferred 1,500 BTC for sale during the first week of April, according to Arkham data. Per the latest operational update, the company held 15,680 BTC, intensifying fears of continued liquidations as high energy costs negatively impact operations.
Other addresses linked to large miners sold 265 BTC on Tuesday after accumulating since early 2024, according to Lookonchain. The address 3PFNdgGi…myCh139 still holds 112 BTC. Regardless of the rationale behind these movements, sentiment worsened after Bitcoin’s hashrate dropped to 953 exahashes on Monday, down from 1,083 exahashes in late February.
Bitcoin mining estimated hashrate…..
