In this video, we break down Bitcoin on the 4hr chart using Elliott Wave Theory. You’ll discover both bullish and bearish scenarios, plus the critical price levels and targets to watch. Video by Koenz Trading.
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Bitcoin (BTC) is trading down 1.11% today at $62,752.47 (opening at $63,497.25) as a critical hardware wallet vulnerability, falling institutional demand, and broader macro conditions damp market sentiment.
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Bitcoin Insights Today
-Coldcard Wallet Exploit: Sentiment dropped sharply following a critical vulnerability in Coldcard hardware wallets' random number generation seed mechanism. This flaw led to a $88.6 million theft (1,367 BTC), sparking a "flight to safety" as small fish panic-transferred assets under 1 BTC to centralized exchanges.
-Spot ETF Outflows: Institutional momentum has shifted defensive. Spot Bitcoin ETFs bled over $265 million in assets on Friday, erasing earlier weekly gains. BlackRock’s IBIT led the exits, shedding over $122 million, followed by Fidelity ($54 million) and Grayscale ($52 million).
-Futures Carry Trade Evaporates: The bitcoin futures quarterly basis yield has collapsed, falling behind two-year U.S. Treasuries since February. This drop has dried up institutional arbitrage and slashed derivatives trading volume.
-Corporate Moves: Corporate miners like American Bitcoin reported record Q2 productions (mining 932 BTC). Concurrently, corporate giants like MicroStrategy have broken their "never sell" thesis by deploying a monetization program that has already offloaded 3,620 BTC this year.
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