Bitcoin reclaims $74K as spot ETF demand clashes with BTC miner sell pressure
Bitcoin (BTC) reclaimed the $74,000 level on Monday following slight gains in the S&P 500 index after US President Donald Trump ordered a US blockade of the Strait of Hormuz. Traders appear to be gradually gaining confidence following strong net inflows into US-listed spot Bitcoin exchange-traded funds (ETFs) and continued accumulation by Strategy (MSTR US), but concerns remain regarding whether the bear market is over.
The US-listed spot Bitcoin ETFs accumulated $615 million in net inflows between Thursday and Friday, reversing the previous trend. In parallel, Strategy announced it had acquired 13,927 BTC over the past week, funded through its yield-bearing instrument, Stretch (STRC US). Despite this institutional demand, Bitcoin remains highly correlated with the S&P 500 and broader macroeconomic movements. The price dropped to $70,500 over the weekend after failed US-Iran ceasefire negotiations, though it recovered as Brent crude oil prices retreated to $99 on Monday.
Derivatives metrics have yet to flip bullish. Bitcoin monthly futures traded at a 2% annualized premium, well below the 4% to 8% range typically seen in neutral-to-bullish conditions. Year-to-date, Bitcoin is down 18% in 2026, while the S&P 500 remains relatively flat.
On the regulatory front, US Senator Cynthia Lummis has urged colleagues to approve the CLARITY Act, which could define stablecoin operations and decentralization thresholds. SEC Chairman Paul Atkins has also expressed support for advancing cryptocurrency regulations. However, the bill faces scrutiny in the Senate Banking Committee over DeFi restrictions.
Selling pressure from miners persists. MARA Holdings sold 15,133 BTC in the past 30 days, while Riot Platforms and Cango also reduced their exposure. Analysts suggest Bitcoin’s path to $80,000 depends on more favorable risk perception and the status of geopolitical tensions in the Middle East.
