Bitcoin briefly rose above $64,500 at the start of the new business week, marking its first time reaching that level in seven to eight days. However, the rally faces mounting selling pressure from miners, spot Bitcoin ETF holders, and Strategy (formerly MicroStrategy). Analyst Ali Martinez highlighted that miners have sold 1,648 BTC over the past ten days, adding roughly $106 million in potential selling pressure. Spot Bitcoin ETFs saw nearly $400 million in outflows last week, reversing the previous week’s $850 million in net inflows. Meanwhile, Strategy has paused BTC purchases and made multiple sales, reducing its holdings by more than 3,300 BTC in weeks. Exchange balances have increased by 24,700 BTC, worth $1.6 billion, boosting sell-side liquidity. The Coinbase Premium metric remains negative for over three months, signaling weaker U.S. demand or active selling by U.S.-based participants. Martinez warned that the rally may not last, identifying first support between $63,110 and $61,850, where over two million BTC were previously transacted, and a secondary support at $54,300. A separate risk comes from geopolitical tensions in the Middle East, with conflicting reports on U.S.-Iran ceasefire talks and recent threats from President Trump, which could quickly increase volatility.
After several days of trading sideways or charting new losses, bitcoin’s price topped $64,500 for the first time in seven to eight days at the start of the new business week. That minor rally has been jeopardized as selling pressure mounted on several fronts.
Popular analyst Ali Martinez outlined growing concern about increasing selling pressure from miners. Data from CryptoQuant shows they have disposed of 1,648 BTC over the past ten days, adding “roughly $106 million in potential selling pressure.”
Second, spot Bitcoin ETFs saw investors withdraw almost $400 million worth of the cryptocurrency last week. That contrasts sharply with over $850 million in net inflows the previous week.
Third, Strategy has not only paused its BTC purchases indefinitely but has also made multiple sales over the past few months. Its total holdings have declined by more than 3,300 in just weeks.
Martinez noted that a worrisome portion of BTC’s supply has hit exchanges recently, as balances increased by 24,700 units over the past ten days. This means $1.6 billion worth of BTC has increased potential sell-side liquidity.
He also outlined the Coinbase Premium metric, which remains negative for over three months. According to Martinez, such a reading means “BTC is trading cheaper on Coinbase than Binance, signaling weaker US demand or active selling from US-based participants.”
Consequently, Martinez
