Bitcoin Holds $81K as ETFs Bleed $635M, JPMorgan Lifts IBIT Stake 174%, CLARITY Act Vote Looms

Bitcoin News

Bitcoin's climb back above the $80,000 mark is showing signs of fragility, with on-chain indicators flashing their most constructive readings since early February even as derivatives positioning signals trouble ahead. Long-term holders, who have grown their Bitcoin stash by roughly 300% since late 2025 to nearly 4 million tokens, are now realizing about $180 million in daily profits after the rebound past $82,000. Daily realized losses, however, still average $479 million, well above the $200 million baseline seen in calmer regimes. A roughly $2 billion concentration of short gamma options near the $82,000 strike is amplifying volatility, threatening to cap the move rather than confirm a breakout.

U.S. spot Bitcoin ETFs recorded $635.2 million in outflows on May 13, the heaviest single-day redemption since late January and the second consecutive day of net withdrawals. BlackRock's iShares Bitcoin Trust led the exits with roughly $285 million leaving the fund, followed by the ARK 21Shares Bitcoin ETF at $177 million and Fidelity's Wise Origin Bitcoin Fund at $133.2 million. Weekly outflows have now climbed to $841.2 million, breaking a six-week inflow streak that had drawn in approximately $3.4 billion. Morgan Stanley's recently launched Bitcoin Trust was the lone bright spot, posting no withdrawals and continuing its uninterrupted accumulation since its April debut.

Despite the slide below $80,000, one structural buyer may step back in this Friday. Strategy's STRC preferred shares have powered mid-month accumulation rallies for three straight months, scaling purchases from 4,467 BTC in January to 22,131 BTC in March and 46,872 BTC in April. The instrument pays dividends on the last day of each month with ownership set by the 15th ex-dividend date, encouraging buyers to drive the stock toward its $100 par value so the company can issue more shares and convert proceeds into spot BTC. Researchers caution that May's cycle looks weaker, with STRC recovering to par more slowly and only around 1 BTC reported through the mechanism so far.

Strive Asset Management is preparing to debut SATA preferred stock on June 16, positioning it as the first U.S.-listed security to distribute cash dividends every business day. The stated annual rate remains 13%, but compounding across roughly 250 trading sessions lifts the effective yield closer to 13.88%. The firm has eliminated all outstanding long-term debt and expanded its Bitcoin treasury to 15,009 BTC, ranking it among the largest publicly traded holders. Like Strategy's preferred structures, SATA can trade above par, enabling further issuance tied to ongoing Bitcoin accumulation while pitching itself as a yield alternative to money market funds.

Nakamoto Inc., the Bitcoin treasury vehicle led by David Bailey, reported a $238.8 million first-quarter net loss as the asset's slide from $87,519 to $68,220 produced a $102.5 million mark-to-market hit on its holdings. An additional $107.7 million non-cash reduction tied to a pre-acquisition call option and roughly $8 million in deal integration costs widened the deficit. Operating revenue did climb to $2.7 million from about $580,000 a year earlier, split between Bitcoin strategies and media, advisory, and asset management lines. The Nasdaq-listed firm held more than 5,000 BTC at quarter-end and sold 284 BTC to support working capital, while a new derivatives strategy generated 43 BTC in premium income.

JPMorgan Chase sharply expanded its Bitcoin exchange-traded fund exposure during the first quarter, lifting its IBIT position by 174% from roughly 3 million shares to 8.3 million shares, an increase worth about $162 million in reported value. The bank's Bitwise Bitcoin ETF holdings surged nearly 900% to 48,258 shares, while Fidelity FBTC exposure climbed roughly 450% to 22,196 shares. Even the ProShares Bitcoin Strategy futures product saw allocations rise from 40 shares to 1,302, a 3,000% jump. The bank also initiated its first Solana staking ETF position at 47,460 shares and lifted iShares Ethereum Trust exposure by 36% to 266,734 shares.

Bitcoin trades near $81,025, up 1.60% on the day, with the immediate candlestick structure pinned between resistance at $81,326 and support at $79,300. RSI at 57.74 sits in neutral-bullish territory with room to run before overbought conditions, but the bearish MACD signal and sideways trend confirm momentum has not yet flipped decisively. A clean break above $82,862 would open a path toward the prior swing high at $89,065 and revive talk of a fresh all-time high. Loss of the $77,945 floor invalidates the recovery thesis and exposes $73,990, particularly if ETF redemptions persist alongside the CLARITY Act markup outcome.