Bitcoin recovers from Strategy's BTC sale, funding rates hit 9%: Are bulls back?
Bitcoin quickly rebounded from the drop to $61,300 after Strategy’s sale announcement, helped by concern easing over the firm’s dividend and debt capacity thanks to a $216 million cash buffer. Derivatives showed mixed signals: Bitcoin perpetual funding rose to 9%, suggesting balanced leverage rather than strong bearish pressure, while options showed only mild stress with a put-to-call premium ratio of 1.15, still near neutral. A more important tailwind was Friday’s $223 million net inflow into US spot Bitcoin ETFs, ending 10 straight days of outflows and hinting that bearish sentiment may be stabilizing. Still, traders remain cautious because Strategy is sitting on about $8 billion in unrealized Bitcoin losses, and ETF flows have not yet shown a sustained reversal. Long-term holder transfers to exchanges have fallen sharply, supporting the $60,000 level. Overall, bulls have some support, but a sustained move above $65,000 likely needs continued ETF inflows.
