Bitcoin Surges Past $64K as Options & ETFs Flip Bullish Post-Strategy Selloff
Bitcoin staged a rapid recovery, bouncing back to $64K after a significant selloff from Strategy. Options markets are heavily skewed towards calls, and spot ETFs are seeing renewed inflows, signaling growing bullish sentiment.
Bitcoin got hammered down to $61,391 following Strategy's massive BTC dump, but the bulls didn't wait long. The king coin roared back above $64,000 in under 24 hours, and the momentum is holding ahead of the Fed minutes. Options traders are betting big on upside, with call open interest dominating puts across all expiries. Deribit's max pain for near-term options hovers around $63,000, but the real action is stacked in later months, leaving room for volatility on the Fed's announcement. Even after the selloff, spot Bitcoin ETFs saw $56.3 million in inflows on July 6, snapping a streak of outflows and showing renewed institutional appetite. Strategy unloaded 3,588 BTC to fund dividends, but still holds a colossal 843,775 BTC. The real test now is whether BTC can hold $64K, driven by Fed minutes interpretation and sustained ETF demand.