Wintermute: Bitcoin Range Breakout Delayed by ETF Outflows and Miner Selling

Bitcoin is struggling to hold its June range floor after $390 million left US spot BTC ETFs last week, according to Wintermute’s newest market update.

The trading firm says falling rate-hike odds have failed to lift BTC, while ETF redemptions and miner selling have left the market without a strong source of fresh demand.

ETF Flows Fail to Sustain Bitcoin’s August Recovery As Wintermute pointed out, July CPI came in at 0.1% month-on-month, cutting September rate-hike odds from roughly even to about one-in-three, with retail sales also posting their steepest decline since May 2025.

Almost nothing rallied on it: the S&P 500 added just 0.40%, long-dated Treasuries fell 0.87%, and BTC sat at the bottom, down 3.12%. CoinGecko data shows the cryptocurrency is currently around $64,000, up 1.2% over 24 hours.