The cryptocurrency market experienced renewed volatility as Bitcoin prices edged downward amid significant outflows from US spot exchange-traded funds (ETFs) and heightened selling pressure from miners. According to market analyst Wintermute, $390 million was withdrawn from US spot BTC ETFs between August 10 and 14, exacerbating downward momentum in the world’s largest cryptocurrency. Bitcoin traded near $64,000 on Friday, marking a 1% decline over 30 days despite a 1.2% rise in the past 24 hours.
Miners have emerged as a key factor in the price pressure, with Riot Platforms disposing of substantial BTC holdings in the first half of 2025. The company sold 4,300 BTC in Q2 and 3,778 BTC in Q1, reducing its treasury to 11,380 BTC as operational costs climbed toward $91,000 per unit mined. Riot’s strategic pivot toward AI data center infrastructure, including a $9.1 billion, 20-year contract with Anthropic for 191 megawatts of capacity, has further diverted resources from its mining operations.
Wintermute highlighted a broader market malaise, noting that Bitcoin’s muted response to improved inflation expectations and falling rate-hike odds has raised concerns about sustained demand. “An asset that cannot rally on good news while its dedicated vehicles bleed is telling us the marginal seller is back,” the firm wrote, citing a weakening “depletion argument” that had previously supported price resilience. The cryptocurrency remains 49% below its projected October 2025 all-time high, according to CoinGecko data.
The interplay of macroeconomic signals and corporate strategy shifts has left investors cautious. While falling rate-hike probabilities had initially buoyed risk assets, Bitcoin’s failure to capitalise on the trend underscores lingering uncertainty. Analysts continue to monitor developments in central bank policy and geopolitical risks, with the expiration of a 60-day ceasefire and stalled diplomatic talks potentially influencing August CPI data and broader market sentiment.
Written by Oliver Grant
Markets Desk
