Bitcoin (BTC) fell to $61,391 after Strategy confirmed a large Bitcoin selloff, then rebounded to a high of $64,529.61 in under 24 hours, and the recovery seems to be holding into Wednesday’s Federal Reserve minutes.
Options traders and exchange-traded fund flows are both turning bullish, adding to signs the bounce has more support than the initial squeeze suggested.
Options Traders Bet on Higher Prices Into the Fed Minutes
Bitcoin’s broader options market is running call heavy, with open interest split 60.15% calls to 39.85% puts across all expiries, per CoinGlass data. Deribit’s max pain gauge for near-term expiries, including July 8, sits around $63,000.
The July 8 expiry is one of the smaller dates on the board, dwarfed by open interest stacked up for July 31 and later months, leaving more room for a Fed-minutes surprise to move price.
The minutes cover the Federal Reserve’s June 16 to 17 meeting, the first led by new Fed Chair Kevin Warsh, who held rates at 3.50% to 3.75% for a fourth straight hold. Warsh’s tone came in more hawkish than expected. The Fed dropped its easing bias, and nine of 18 officials projected a rate hike later in 2026.
ETF Flows Show Early Signs of Stabilizing
Even after the selloff by Strategy, Spot Bitcoin ETFs added $56.3 million, or 884.97 BTC, on July 6, per CoinGlass data. That extends the rebound from the 10-day outflow streak that ended July 2 with a $222 million inflow.
The past two days have seen BTC ETF inflows following a streak of only outflows. Image Source: Coin Glass
Total net assets across US spot Bitcoin ETFs stood at $72.89 billion, with cumulative net inflows since the 2024 launch reaching $51.58 billion, or 637,780 BTC, per CoinGlass data.
The Sale That Started the Dip
Strategy confirmed selling 3,588 BTC for $216 million to fund dividends on its Digital Credit securities, exceeding an earlier 491 BTC rumor sevenfold. The company still holds 843,775 BTC, the largest corporate Bitcoin treasury in the world.
Whether Bitcoin holds above $64,000 may depend less on Strategy’s next move than on how traders read Wednesday’s Fed minutes and whether ETF inflows keep pace.
