Bitcoin Breakout Stalls as ETF Outflows and Miner Sales Mount

Bitcoin is struggling to escape its summer price rut around $64,000. Favorable economic data failed to spark a rally, and fresh trading reports show that heavy spot ETF outflows alongside continued miner selling are keeping a firm lid on the market.

US spot Bitcoin funds shed roughly $390 million in a single week, marking the steepest weekly net outflow since early July. Even with cooling inflation numbers reducing interest rate worries, Bitcoin slipped over 3% as rising oil prices added new economic concerns. When an asset cannot climb on positive macro news while dedicated investment funds bleed cash, sellers are clearly still dictating the trend.

Selling pressure from miners is adding to the headwind. Riot Platforms sold 4,300 BTC in the second quarter to manage rising production costs, trimming its treasury to 11,380 BTC. While institutional heavyweights like Jane Street disclosed over $1 billion in spot Bitcoin ETF holdings, traders will need to see ETF outflows dry up and miner selling ease before a sustainable breakout can take shape.