Bitcoin rebounded to $64,000: options and ETFs outperform Strategy's sell-off
The market is once again demonstrating its resilience. After a sharp drop to $61,391, triggered by news of a large-scale Bitcoin sale by Strategy, the leading cryptocurrency has not only recovered its losses but also recorded a daily high of $64,597. The upward movement coincided with anticipation of the release of the minutes from the Federal Reserve's June meeting.
The key driver of the rebound was activity in the derivatives market. Open interest data for options shows a clear advantage for bulls: the call-to-put ratio stands at 60.15% versus 39.85%. The maximum pain point for near-term contracts is concentrated at the $63,000 level, and the price is currently consolidating around this zone. The current expiration does not carry a critical mass of positions, which sets the stage for sharp movements following the release of the Fed minutes.
ETFs Restore Confidence
In parallel with the options market, spot Bitcoin ETFs in the US are showing a return of institutional appetite. After a ten-day streak of outflows, funds recorded a net inflow of $56.3 million, equivalent to the acquisition of 884.97 BTC. Total inflows since the launch of these instruments in 2024 amount to an impressive $51.58 billion, and the aggregate net assets of ETFs have reached $72.89 billion. This suggests that major players view the current downturn as an entry opportunity.
Strategy's Sale: A One-Time Episode, Not a Trend
As for the trigger of the drop itself—Strategy's sale of 3,588 BTC worth $216 million—it is important to understand the context. The funds were used to pay dividends to holders of Digital Credit securities, and this is a one-time corporate operation, not a change in strategy. The company still holds 843,775 BTC, remaining the largest corporate holder of cryptocurrency. The actual transaction volume turned out to be seven times larger than market rumors, but after its completion, the pressure from this player has been fully exhausted.
My analysis: The market is clearly signaling that fundamental factors—ETF inflows and bullish sentiment in options—outweigh one-time corporate events. If the Fed minutes do not deliver surprises in the form of hawkish rhetoric, Bitcoin has every chance to consolidate above $64,000 and test the $65,000–$66,000 zone in the coming days. The key support level is now $63,000, where the maximum pain for options traders is concentrated.