Bitcoin Near $65K as Sharplink Buys $16M in ETH
Bitcoin rebounded on Wednesday as attention turned to Federal Reserve commentary on stubborn inflation. The move came alongside a rise in US Treasury yields—an environment that typically makes investors more selective about assets that don’t provide ongoing yield, including cryptocurrencies.
Still, the bounce does not appear to have fully erased underlying caution. Bitcoin recently traded near $61,490 after dipping to a 21-month low of $57,737, while institutional flows into spot Bitcoin ETFs have remained under pressure and analysts continue to debate whether recent weakness marks a durable bottom.
Key takeaways
- Bitcoin climbed after remarks tied to persistent US inflation, but higher bond yields reinforce why “non-yield” assets face ongoing scrutiny.
- Bitcoin bounced from a 21-month low, yet broader sentiment remains in “Extreme Fear” territory based on a fear/greed tracker.
- Spot Bitcoin ETFs have seen large outflows in recent weeks, with June reported as the worst month since launch for net withdrawals.
- On-chain and chart-based signals cited by analysts suggest the market may not have reached a bear-market bottom if price stays below longer-term benchmarks.
- Crypto liquidity and leverage look thinner heading into Q3 after Q2 liquidations, potentially dampening forced-selling cascades but increasing price swing risk.
Fed inflation focus meets a rate backdrop that still pressures crypto
Bitcoin’s recovery followed remarks linked to persistent inflation, reported through coverage of US Federal Reserve Chair Kevin Warsh’s comments. The positive reaction was tempered by the broader macro picture: the US five-year Treasury yield reportedly rose to 4.22%, reflecting investor demand for higher returns on government bonds.
In the same window, oil prices fell—WTI reportedly touched a four-month low—yet market participants still anticipate eventual monetary expansion. The key tension for crypto is that, regardless of how the Fed ultimately handles interest rates or balance-sheet policy, Treasury issuance and yields influence the opportunity cost of holding assets without yield.
BTC rebounds from $57,737 low, but “Extreme Fear” persists
At the time of publication, Bitcoin was trading around $61,490 after earlier trading as low as $57,737 on Wednesday, according to the same market coverage. Ether and Solana also posted gains, with ETH up about 3% and SOL up roughly 4.85%.
However, the rebound took place under an unusually cautious market mood. A fear and greed sentiment tracker cited in the coverage placed the crypto market at roughly 11 out of 100—labeled “Extreme Fear.” That matters because extreme caution can support sharp rallies, but it also suggests many investors remain positioned for downside risk rather than confident recovery.
From a longer perspective, the article noted Bitcoin remains down about a third since the start of the year, and the institutional picture has not improved. Reported flows show US spot Bitcoin ETFs experiencing significant withdrawals, including a total outflow of $4.5 billion in June—described as the largest since the ETFs launched. When institutional allocation confidence lags during a bounce, traders often treat rallies as fragile until inflows return.
PlanB: June weakness and 200-week levels imply the bottom may not be in
Beyond sentiment and ETF flows, at least one widely followed analyst argued the market has more room to fall. PlanB, referenced in the coverage, warned that Bitcoin could drop further after closing June below its 200-week moving average while still trading above its realized price.
The specific setup highlighted is that Bitcoin ended June 20.5% lower to close at $58,526—its worst monthly performance since June 2022. The same coverage placed that close below the 200-week moving average near $62,000, while still above a realized price figure around $52,000.
The article further cited PlanB adding that Bitcoin could still decline toward $52,000, framing the current price relationship to those two benchmarks as evidence the bear-market bottom may not yet be confirmed. For traders and portfolio managers, the practical takeaway is that technical “bounce” narratives may remain vulnerable if realized-price confirmation is not reached and ETF outflows continue to weigh on demand.
Sharplink restarts ETH accumulation, while leverage resets change Q3 dynamics
While Bitcoin-focused signals leaned cautious, one notable development in Ethereum accumulation came from Sharplink, a crypto treasury company. The coverage states Sharplink resumed buying Ether after an eight-month pause, and that it purchased $16 million worth of ETH since June 25.
On-chain data from Arkham cited in the report showed Sharplink buying 5,000 ETH on June 25 and another 5,000 ETH on June 26, with the report noting those amounts were worth about $8.5 million per day at the time of the purchases. The company also confirmed the buys in an announcement, saying it paid an average price of $1,611 per ETH.
The same coverage said Sharplink’s latest buys bring its total Ether holdings to 866,725 ETH, and quoted the company’s position that the purchases reflect a continued commitment to growing its ETH treasury as a long-term reserve asset.
Liquidity and positioning are also becoming a key story as markets move into Q3. A market update from institutional data provider Talos, cited in the article, described thinner liquidity but less leverage after Q2. According to Talos, Bitcoin and Ether long liquidations totaled $8.35 billion in Q2—an episode that coincided with spot Bitcoin ETF outflows, reduced Bitcoin buying by Strategy, and a contraction in stablecoin supply.
Talos’ framework suggests the deleveraging may reduce the likelihood of a forced-selling chain reaction heading into Q3. Yet the firm also warned that reduced order-book depth can weaken the market’s ability to absorb renewed selling pressure. In other words: the market may be less fragile in one sense, while simultaneously becoming more prone to sharper swings because there is less trading activity to buffer large orders.
What to watch next as macro pressure and positioning collide
With bond yields still elevated, ETF outflows still shaping institutional demand, and liquidity thinner after Q2’s deleveraging, the next moves in Bitcoin may hinge on whether buying interest returns alongside improved market depth—or whether rallies fade into another test of longer-term technical levels. Investors and traders should watch ETF flow data, Treasury yield direction, and whether stablecoin supply and order-book depth continue to shift as Q3 unfolds.
This article was originally published as Bitcoin Near $65K as Sharplink Buys $16M in ETH on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.
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