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Miners Exit, ETF Outflows & 90-Day Coinbase Premium Drought
Audio is available on Spreaker — see link below.
Bitcoin miners are converting megawatts to AI revenue, spot ETFs just shed $390M in a week, and US buyers have been absent from the Coinbase premium for 90 straight days. Today's briefing maps the structural shifts underneath Bitcoin's price.
Audio is available on Spreaker — see link below.
Riot Platforms just signed a twenty-year, nine-point-one billion dollar infrastructure lease with Anthropic, and it changes how you have to think about Bitcoin's price ceiling. This isn't just one company pivoting.
Here's what that pivot means in practice for Bitcoin. Public miners have reduced their collective holdings from one hundred twenty-seven thousand BTC at the start of this year to roughly ninety-nine thousand BTC now.
Bitcoin is currently holding around sixty-five thousand, nine hundred thirty-six dollars, sitting above its twenty- and fifty-day moving averages but still well below the daily two-hundred EMA at seventy-one thousand, six hundred fifty-one dollars. The technical picture is mixed, and the flow data underneath it is contradictory.
There's a third signal that's easy to miss. The Coinbase Premium Index has been negative for ninety consecutive days, the longest streak on record.
On the regulatory side, the SEC postponed a Friday meeting that was set to consider a digital asset framework and a separate innovation exemption rule. The delay came after the White House raised concerns that the exemption rule could obstruct pending crypto legislation.
One more data point worth holding. While Bitcoin ETFs bled, Solana ETFs attracted ten-point-two-six million dollars in weekly inflows, their strongest week since May.
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