Bitcoin stuck at $63,000: ETF outflow largest in six months - Bitcoin spot exchange-traded funds (ETFs) recorded their largest outflow since late June last week, interrupting a strong start to August, Bloomberg reports.
Trump: Kim Jong Un responded to his call for dialogue. - President Donald Trump said on Monday that North Korean leader Kim Jong Un had responded to his recent attempts to establish contact
Bitcoin rose slightly on Monday but remained within a narrow trading range,
as escalating tensions surrounding Iran and uncertainty regarding new U.S. regulatory measures kept traders from investing in the cryptocurrency.
The world's largest cryptocurrency rose 0.7% to $63,497.50 by 4:24 PM, following a drop of nearly 3% last week.
Heightened risk aversion—driven by the U.S.-Iran standoff in the Strait of Hormuz pushing oil prices higher—dampened appetite for speculative assets like cryptocurrencies.
Continued capital outflows from major spot Bitcoin ETFs also weighed on Bitcoin, which remained trading nearly 50% below its October record high.
Caution ahead of a White House meeting with leading crypto industry figures, scheduled for later this week, also capped gains in the crypto markets.
Trump to meet crypto industry leaders at the White House this week – CoinDesk
President Donald Trump is expected to attend a meeting of his administration's new innovation committee at the White House on Wednesday, CoinDesk reports.
The meeting will be attended by numerous crypto company CEOs and prediction market leaders, as well as representatives from traditional finance and the artificial intelligence sector.
Wednesday's meeting precedes a session on Thursday by the Commodity Futures Trading Commission (CFTC), which oversees the innovation committee.
The CFTC is expected to discuss further cryptocurrency regulation at the meeting, which takes place amidst ongoing disagreements among lawmakers regarding the passage of the long-delayed Clarity Act. Bitcoin ETFs See Significant Weekly Outflows
Spot Bitcoin ETFs recorded outflows totaling nearly $390 million last week, according to data from the aggregator SoSoValue.
This outflow marked the worst performance since early July and coincided with a nearly 3% drop in Bitcoin prices.
Bitcoin and cryptocurrency markets lagged behind the rally in technology and artificial intelligence stocks last week, as sentiment in that sector was bolstered by a series of optimistic reports from chipmakers.
Strategy Sells $333.7 Million in Stock; Bitcoin Holdings Unchanged
Strategy, a company that manages Bitcoin holdings, sold approximately $333.7 million worth of its own shares last week, according to a filing submitted to the Securities and Exchange Commission (SEC) on Monday.
The company sold 3,458,866 MSTR shares between August 10 and August 16, the filing showed. During this period, Strategy did not buy or sell any Bitcoin.
Proceeds from the stock sales were allocated to several purposes, according to the filing. Strategy earmarked $52.4 million for dividend payments on its STRC preferred stock, $132.2 million for the repurchase of STRC shares under the Digital Credit Securities Repurchase Program, and $149.1 million to replenish its cash reserves, bringing its dollar holdings to $4.8 billion.
Strategy’s Bitcoin position remains unchanged at 840,447 tokens, valued at approximately $53.4 billion at current prices. The company's average purchase price is $75,385 per bitcoin, with a total investment of approximately $63.4 billion, including fees and expenses.