Bitcoin failed to hold above $70,000 despite a significant $471 million net inflow into U.S. spot ETFs on Monday, its highest in over five weeks. Market pressures intensified as selling from public miners like MARA Holdings and Riot Platforms offset institutional buying, while a 17% premium for downside protection in options markets signaled cautious trader sentiment.
Bitcoin’s price momentum faltered despite substantial institutional investment. The market’s initial optimism was dampened by reports of a military operation in Iran over the weekend.
Significant ETF inflows of $471 million were recorded on Monday, yet the preceding two-week trend remained muted. MARA Holdings transferred 250 BTC for sale, according to Lookonchain data, adding to sell pressure.
Riot Platforms also moved 1,500 BTC for sale in early April, according to Arkham data. Other large miner addresses sold 265 BTC on Tuesday after accumulating since early 2024, according to further Lookonchain data.
Sentiment further weakened as Bitcoin’s network hashrate dropped to 953 exahashes. While MicroStrategy continued accumulating Bitcoin, other public companies have been reducing their holdings.
Companies including Sequans Communications and Nakamoto Inc reduced Bitcoin reserves over the past month. Several other listed companies now face losses of 35% or more on their Bitcoin holdings.
The options market reflected discomfort as put options traded at a 17% premium to calls. “Traders believe whales have a better gauge of the market, but the options skew results from regular traders constantly buying downside protection,” the data indicated.
