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🔥 A supply overhang of approximately 77,000 BTC, or $4.4 billion, has formed in the bitcoin market, as ETF sales significantly exceed corporate treasury purchases, CoinDesk reports, citing Glassnode.
"More supply is entering the market than the largest players can absorb. Large investment instruments themselves are amplifying the selling pressure," CoinDesk writes.
In June, spot bitcoin ETFs sold 71,600 BTC worth over $4 billion — the largest monthly outflow on record. Companies building digital asset reserves acquired about 7,500 BTC over the same period. Including coins mined by miners, the net supply surplus stood at roughly 77,000 BTC.
💬 Strategy could become an additional source of potential supply. The company has authorized the sale of up to $1.25 billion in bitcoin to replenish its dollar reserve and pay dividends and interest. According to CoinDesk, a sustainable bitcoin recovery will require the return of institutional demand and a reversal of ETF flows.