Bitcoin has recovered from a drop to $64,000: betting on options and renewed inflows into ETFs
Bitcoin demonstrated impressive volatility, first plunging to $61,391 amid news of a massive sell-off by corporate giant Strategy, then rapidly recovering. The daily high was recorded at $64,597, and this surge occurred ahead of the release of key minutes from the U.S. Federal Reserve meeting. The key drivers of the rebound were aggressive buyer activity in the options market and the return of positive momentum in spot Bitcoin ETFs.
Options Signal Bullish Sentiment
Analysis of the derivatives market shows a clear dominance of call options. According to CoinGlass, the open interest ratio between calls and puts stands at 60.15% versus 39.85% in favor of buyers. The maximum pain point for near-term contracts is at $63,000. At the time of writing this review, the asset is trading around $63,102. This market structure creates favorable conditions for sharp price movements after the release of the Fed minutes, as the relatively low volume of open positions compared to summer peaks could amplify momentum.
ETF Restores Institutional Interest
Despite pressure from sellers, spot Bitcoin funds recorded a net inflow of $56.3 million over the past two days, equivalent to the purchase of 884.97 BTC. This positive momentum followed the end of a ten-day streak of capital outflows. Recall that earlier, investors poured $222 million into the instruments in a single day. Total assets under management in ETFs reached $72.89 billion, and since their launch in 2024, the funds have bought back 637,780 BTC. This indicates a return of institutional appetite for digital gold.
Strategy Sell-Off: One-Off Factors Behind
The initial catalyst for the decline—Strategy's sale of 3,588 BTC worth $216 million—turned out to be significantly larger than market rumors (roughly seven times). The proceeds were used to pay dividends to holders of Digital Credit securities. However, it is important to emphasize: despite this one-off transaction, Strategy remains the largest corporate holder of Bitcoin in the world, maintaining a substantial balance of 843,775 BTC. Further holding of the key $64,000 level now depends little on this fund's activity.
My analysis: The current situation demonstrates market maturity. One-off corporate sell-offs are no longer capable of causing a prolonged correction. Participants' main focus has shifted to macroeconomic signals from the U.S. and ETF dynamics. If the Fed minutes do not bring surprises, we could see consolidation above $64,000 and preparation to test the next resistance levels.