Bitcoin Breakout Stalls as ETF Outflows and Miner Selling Drain Market Demand

According to Wintermute’s latest market update, Bitcoin’s breakout above the June range appears to be fading as spot ETF withdrawals are exerting selling pressure on Bitcoin in addition to new miner selling, despite a softer US interest rate outlook.

Bitcoin is struggling to maintain the bottom of June’s range after about $390 million worth of US spot BTC ETFs were redeemed between 10 and 14 August, the trading firm said.

It was the largest weekly redemption since early July, and there is no obvious additional source of demand.

Further macro data showed July CPI rising 0.1% month on month, a near-term probability of a September rate hike fading from 50% to about one-third, and the largest drop in retail sales since May 2025.