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Bitcoin ETFs continue to bleed as Galaxy CEO warns bitcoin treasuries “have peaked”

Bearish sentiment on bitcoin appears to be rising, with options traders betting on a move below $100,000.

Yaël Bizouati-Kennedy

Bitcoin ETFs had their fourth day of outflows, with $196 million leaving the funds. Fidelity Wise Origin Bitcoin Fund and BlackRock’s iShares Bitcoin Trust saw $99.1 million and $77.4 million in outflows, respectively, SoSoValue data shows.

Bitcoin is struggling to regain momentum, trading around $113,000 this morning.

Meanwhile, Galaxy Digital’s CEO Mike Novogratz warned in an earnings call yesterday that “we’ve probably gone through peak treasury company issuance of new companies.” He added, “What will be most interesting is which of the existing companies become monsters, right?”

Options traders are feeling bearish on bitcoin and hedging against a pullback. “For the August 29 expiry, put open interest is almost 5x that of calls. Nearly half of this is concentrated at the $95K strike, with another 25% split between $80K and $100K strikes. The positioning signals traders are heavily betting on a painful move back below $100K,” according to Derive.xyz.

But some companies are still feeling bullish and are making an effort to become the bitcoin monster Novogratz predicted:

  • BitBridge Capital Strategies entered the bitcoin pivot arena, announcing it had completed a merger with Green Mountain Merger to become a bitcoin treasury company, and will trade on the Nasdaq under the ticker “BTTL.” BitBridge will also launch Bitcoin Respect Loan, “a disruptive new lending product designed to reshape the way the financial system treats bitcoin collateral.”

  • CleanSpark produced 671 bitcoin in July, and now holds 12,703 bitcoin. This is a decrease from June, when it produced 685 bitcoin.

  • UK-based Satsuma Technologies announced it raised $217.6 million and added 1,097.29 bitcoin, to bring its total to 1,126.

  • Swedish public company H100 acquired 60.6 bitcoin, now holding 763.2, which makes it “the largest publicly listed bitcoin treasury in the Nordic region.” 

  • UK-based Vaultz Capital acquired 47.85 bitcoin to bring it up to a 117.85 stash.

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Ethereum drops below $4,000 as Rex-Osprey launches first ETF with ethereum staking

Mounting concerns over digital asset treasuries buying crypto near the top of the market may be weighing on overall sentiment.

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Bitcoin’s price finally breaks past $113,000 but ETFs continue to bleed

Bitcoin has seemed stalled around $112,000, but is finally breaking past the $113,000 mark on Wednesday as whales have led a rush to sell. The token’s price is still down nearly 2% over the past week.

David Siemer, CEO of Wave Digital Assets, told Sherwood News that the wave of liquidations is due to a combination of factors hitting at once, including the fact that crypto markets have become heavily leveraged after bitcoin’s run past $120,000.

“Once bitcoin slipped through key price levels, stop-losses and liquidations snowballed against relatively thin liquidity, which amplified the move,” he said, adding that at the same time, stronger-than-expected US inflation data lifted the dollar and dampened risk appetite, giving traders another reason to unwind positions.

“Short-term holders were quick to sell into the weakness, further accelerating the downside,” he said.

Meanwhile, bitcoin ETFs continue to bleed, with outflows reaching $466.7 million since Monday, SoSoValue data shows. Reflecting the risk-off sentiment, gold ETFs, in contrast, experienced their largest inflow since January 2021 on Friday as gold itself hits all-time highs.

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Brazilian OranjeBTC becomes South America’s largest bitcoin treasury

Adam Back and the Winklevoss brothers have backed the company, which plans to go public via a reverse IPO.

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Dogecoin fails to rally despite doge ETF launch and more upcoming funds

Even though more parties are entering the dogecoin ETF arena, the token is falling along with the broader crypto market.

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Strive to merge with Semler Scientific to form “the fastest growing corporate Bitcoin holder”

Meanwhile, Metaplanet made its largest acquisition to date of 5,419 bitcoin.

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