Bitcoin
Bitcoin rebounds above $64K as short-term holders turn to accumulation
After panic selling linked to the Coldcard hardware wallet breach subsided, short-term holders shifted to net buying.
Bitcoin tumbled to $62,466 on July 31st amid concerns over a Coldcard hardware wallet hack before rebounding above $64,000 in early Tuesday trading. Short-term holders led initial selling pressure, with net outflows reaching roughly $468 million, but sentiment shifted sharply by August 3rd when the same cohort recorded net purchases of approximately 3,150 BTC—a reversal from the heavy selling of the prior two days.
The swing points to early-stage accumulation among shorter-term investors, though longer-term holders have continued booking profits at a heavier clip. The Spent Output Profit Ratio for long-term versus short-term holders reached a fresh high of 0.9355, signalling sustained selling pressure from investors typically more inclined to hold through volatility.
Spot market dynamics presented a mixed picture. Exchange inflows remained positive at $105.7 million, indicating selling outpaced buying over the past day and extending a 15-day streak of positive netflow. US spot Bitcoin ETFs, however, bucked the trend with stronger demand, drawing a daily inflow of $170.09 million on August 3rd.
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