Bitcoin struggles to break above June range as $390M exits US spot BTC ETFs and miners accelerate selling.
Macro & Markets ·
US spot Bitcoin ETFs saw $390 million in net outflows during the week of August 10–14, marking the largest weekly redemption since early July, as Bitcoin failed to rally despite falling interest rate expectations and remained down nearly 1% over 30 days. Miner selling has compounded selling pressure, with Riot Platforms reducing its treasury to 11,380 BTC after selling 4,300 BTC in the second quarter while mining costs approached $91,000 per unit. Bitcoin is currently holding below its June range floor and trading 49% below its October 2025 all-time high, with market participants describing the dynamic as a return of marginal sellers that undermines the supply-depletion narrative that supported prices earlier in the year.