Bitcoin's Divergence from Software Stocks Signals Potential Investor Shift

Updated 13:02 UTC

Recent Developments in Bitcoin Futures and ETFs

• As of August 7, 2023, Bitcoin futures carry trades have reached an annualized basis of 7.89%, surpassing the two-year Treasury yield of 4.19%.
• U.S. spot Bitcoin ETFs recorded net inflows of $853.54 million in the week ending August 7, 2023, with positive flows every session.
• The August Bitcoin futures contract settled at $65,175, while the September and December contracts settled at $65,425 and $66,285, respectively.
• Historically, Bitcoin's futures carry exceeded 20% at certain points in 2021, highlighting significant volatility and risk in the market.
• Recent analysis indicates that the relationship between Bitcoin futures and spot prices is crucial for understanding market dynamics, especially in the context of arbitrage opportunities.

Updated 14:02 UTC

New Insights on Bitcoin's Market Activity

• Bitcoin whales accumulated 46,420 BTC over a 60-day period ending August 9, marking the highest accumulation since March 15.
• The number of wallets holding at least 10,000 BTC has risen to 90, a six-month high, reflecting a net gain of +6 wallets in the past 8 weeks.
• Spot Bitcoin ETFs attracted approximately $853.54 million in the week ending August 7, their best performance since April 17.
• Despite strong accumulation, on-chain data indicates weak network activity, with active addresses and transfer volumes declining.
• Monthly trading volume on Binance and OKX fell by about 45% and 57% year-over-year in July, respectively, highlighting thinning liquidity.
• Analysts have noted a bearish top formation, with potential downside targets near $51,336, about 21% below current levels.

Updated 14:30 UTC

New Developments in Bitcoin Sales

• Michael Saylor’s Strategy has sold 6,948 BTC in 2026, raising $431.8 million as part of its BTC monetization program.
• The first sale of 32 BTC occurred in late May, generating $2.5 million at a BTC price of $77,135.
• Subsequent sales included: 1,363 BTC (June 29-30), 2,225 BTC (July 1-5), 1,638 BTC (July 27-August 2), and 1,690 BTC (August 3-9).
• Strategy has purchased bitcoin 20 times in 2026, while selling it five times.
• As of August 9, Strategy holds 840,447 BTC, valued at $53.82 billion, having spent $63.36 billion on these investments.
• Strategy's BTC investments are currently down by $9.5 billion.
• Despite a $4.65 billion USD reserve, the total value is still $4.9 billion less than the total spent on BTC.
• Saylor's decision to sell BTC has sparked controversy among followers who previously believed he would not sell.

Updated 15:01 UTC

New Developments in Bitcoin Treasury Management

• Strive, a Bitcoin treasury company, has a cumulative cash dividend rate of 13% for its preferred equity, SATA, effective from August 1.
• As of June 30, Strive had 7,829,502 SATA shares outstanding, with a stated amount of $782.95 million and an aggregate liquidation preference of approximately $783 million.
• The company reported $154.9 million in cash and cash equivalents as of August 7, indicating about 18.3 months of cash-only coverage against its dividend obligations.
• Strive's preferred dividends for the second quarter totaled $26.2 million, with $22.4 million paid in cash during that period.
• Strive's Bitcoin holdings increased from 19,864 to 20,167 after acquiring 303 Bitcoin, with no disclosed sales post-quarter.
• From July 1 to August 7, Strive raised $43 million by selling 3,415,998 Class A shares, while not issuing any SATA shares during that time.
• Strive's annual report indicates that Bitcoin or related products could potentially be sold to meet future cash-dividend obligations, although this is not a stated plan.