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Bitcoin stuck as ETF inflows offset selling, but inflation data could spark a move
Bitcoin barely budged on Tuesday, extending a five-week standstill as steady demand from exchange-traded funds ran into selling from miners and corporate holders.
BTC slipped to around $63,500, down 0.6% over the past 24 hours. More importantly, the largest cryptocurrency remained trapped in the roughly $62,000-$66,000 range that has contained prices for much of the summer.
BTCPay Backers Offer Bitcoin Bounty After Wallet Exploit
BTCPay Server supporters are offering 10% of any funds recovered, capped at 3 BTC currently worth around $190,000, if all the Bitcoin stolen in a recent exploit is returned.
In a post on X on Monday, BTCPay said the offer extends to anyone with information that could help recover the funds, including the attacker.
“We will examine our mistakes, but regret alone will not help affected users or secure the project,” the company wrote. “There is no time to waste. We have to learn, improve, and act quickly.”
Ravencoin Crashes 20% as Critical Exploit Threatens to Rollback Network
The developer behind the Ravencoin cryptocurrency network said Tuesday the blockchain may erase several days of transactions after attackers exploited a flaw in the software that secures the network. As a result, the native token of the network has shed tens of millions in value over the last several hours, crashing 20%.
The project disclosed the bug in a network notice posted to X, warning that deposits, withdrawals, and payments made since Friday are at risk of reversal.
Bitcoin & Ethereum Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on Tuesday was $45.31 million. The total net asset value of Bitcoin spot ETFs is $77.85 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 2.35%.
The Bitcoin spot ETF with the highest net outflow on Aug 11 was Franklin Bitcoin ETF, with a net outflow of $16.46 million, according to SoSoValue.
Source: SoSoValue