Bitcoin is struggling near the $60,000 level, but on-chain flows reveal deeper stress. A new CoinDesk report warns of a severe supply overhang, with institutional whales turning from buyers to sellers.
Spot ETFs bleed 71,600 BTC in a month, institutional demand stalls
Citing Glassnode data, the report shows institutional demand far lagging new supply. Spot Bitcoin ETFs saw net outflows of 71,600 BTC (worth over $4 billion) in June — a monthly record. Corporate treasuries purchased only 7,500 BTC, a paltry sum. The total net supply overhang reaches roughly 77,000 BTC ($4.4 billion), combining with fresh miner supply to leave a glut of unabsorbed tokens.
“More supply is coming into the market than the biggest players can absorb,” said CoinDesk analyst Omkar Godbole, warning that any short-term bounce could be a dead cat rally unless real net inflows resume.
MicroStrategy's $1.25B sale plan shakes market faith
MicroStrategy, the largest corporate Bitcoin holder, announced a “Bitcoin monetization plan” authorizing up to $1.25 billion in potential BTC sales. Proceeds will build a $2.55 billion fiat reserve to pay preferred stock dividends and interest. The move breaks founder Michael Saylor’s long-standing “never sell” promise, adding psychological and actual selling pressure to an already fragile market. The only macro factor that could ease Bitcoin’s decline is a potential dollar pullback due to overcrowded long positions in FX markets.
Golden cross for SOL/ETH signals altcoin rotation
While Bitcoin languishes, altcoins show rotation signs. The report highlights that the SOL/ETH daily chart has formed a golden cross — the 50-day moving average crossing above the 200-day moving average. This technical pattern suggests Solana could significantly outperform Ethereum over the long term, attracting fresh capital.