Bitcoin is trading around $64,000 as U.S. spot bitcoin ETFs post a sixth straight week of net outflows, with fresh institutional demand failing to materialize despite easing selling pressure. A rebounding dollar and cautious Fed policy are keeping the cryptocurrency range-bound between $60,000 and $67,000, analysts say.
Bitcoin Stuck in a Tight Range
Bitcoin is hovering near $64,000, according to CoinDesk pricing data, as the market searches for a catalyst strong enough to break weeks of sideways trading. Selling from spot bitcoin ETFs has slowed compared to earlier this month, but that has not translated into renewed institutional buying. Data shows U.S. spot bitcoin ETFs have now recorded net outflows for six consecutive weeks, with only a few isolated days of positive flows. The scale of outflows has narrowed, but the persistent absence of sustained inflows indicates institutions remain defensive as they reassess the Federal Reserve's interest-rate trajectory.
A bigger headwind is the strengthening dollar. After the Fed's June meeting, its cautious stance dampened expectations for near-term rate cuts, pushing the Dollar Index to the 100.6-100.8 range and keeping Treasury yields elevated. With liquidity tight, capital is favoring assets with steadier yields over volatile ones like bitcoin. Easing geopolitical tensions following the U.S.-Iran deal have improved risk appetite, providing short-term support, but that has not been enough to offset the firmer dollar and cautious flows.
Simon-Peter Massabni, head of business development at XS.com, said in emailed comments that bitcoin will likely hold a $60,000 to $67,000 range in the near term. The market is "balanced between supportive and restrictive forces," he noted, with eased ETF selling and better sentiment on one side and an unsupportive Fed and unconfirmed institutional flows on the other. A sustainable recovery in the second half would require more time for accumulation, a return of ETF inflows, and stronger institutional demand. Until then, current rebounds look technical rather than the start of a new uptrend.
HYPE Bull Call Spread Signals $150 Target
Onchain options platform Derive saw a massive bull call spread in HYPE over the weekend, signaling expectations of a rally to $150 by year-end. A trader moved 50,000 contracts targeting the December 2026 expiry by buying the $100 strike call while simultaneously selling calls at the $150 strike. This bull call spread is essentially a bet that HYPE will rise, with a specific ceiling of $150 in mind. The trader wants the asset to settle well above $100 but ideally stay just under $150, reducing the cost of the bullish bet while still capturing a significant move higher. As of writing, HYPE was trading at $67, according to CoinDesk data.
Strategy's STRC Rebounds as Saylor Hints at Bitcoin Purchase
After Thursday's selloff in Strategy's (MSTR) STRC preferred shares, which fell as low as $82.53, the stock has rebounded and is trading just below $90 in Monday pre-market action. Bitcoin remains steady around $64,000, while Strategy (MSTR) is up roughly 1% in pre-market trading. Executive Chairman Michael Saylor hinted at another bitcoin purchase over the weekend, posting on X on Sunday: "Looks better with more dots," a phrase that typically precedes an announcement of additional bitcoin acquisitions.
UK Markets Show Limited Reaction to Starmer's Resignation
U.K. Prime Minister Keir Starmer announced he will step down, paving the way for Britain's sixth leader in seven years, with a successor expected before Parliament returns in September. Markets appear to have largely priced in the political transition, with GBP/USD slipping just 0.15% to $1.32 and the 10-year gilt yield edging up to 4.85%.