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Bitcoin ETFs continue to bleed as Galaxy CEO warns bitcoin treasuries “have peaked”

Bearish sentiment on bitcoin appears to be rising, with options traders betting on a move below $100,000.

Yaël Bizouati-Kennedy
8/6/25 9:27AM

Bitcoin ETFs had their fourth day of outflows, with $196 million leaving the funds. Fidelity Wise Origin Bitcoin Fund and BlackRock’s iShares Bitcoin Trust saw $99.1 million and $77.4 million in outflows, respectively, SoSoValue data shows.

Bitcoin is struggling to regain momentum, trading around $113,000 this morning.

Meanwhile, Galaxy Digital’s CEO Mike Novogratz warned in an earnings call yesterday that “we’ve probably gone through peak treasury company issuance of new companies.” He added, “What will be most interesting is which of the existing companies become monsters, right?”

Options traders are feeling bearish on bitcoin and hedging against a pullback. “For the August 29 expiry, put open interest is almost 5x that of calls. Nearly half of this is concentrated at the $95K strike, with another 25% split between $80K and $100K strikes. The positioning signals traders are heavily betting on a painful move back below $100K,” according to Derive.xyz.

But some companies are still feeling bullish and are making an effort to become the bitcoin monster Novogratz predicted:

  • BitBridge Capital Strategies entered the bitcoin pivot arena, announcing it had completed a merger with Green Mountain Merger to become a bitcoin treasury company, and will trade on the Nasdaq under the ticker “BTTL.” BitBridge will also launch Bitcoin Respect Loan, “a disruptive new lending product designed to reshape the way the financial system treats bitcoin collateral.”

  • CleanSpark produced 671 bitcoin in July, and now holds 12,703 bitcoin. This is a decrease from June, when it produced 685 bitcoin.

  • UK-based Satsuma Technologies announced it raised $217.6 million and added 1,097.29 bitcoin, to bring its total to 1,126.

  • Swedish public company H100 acquired 60.6 bitcoin, now holding 763.2, which makes it “the largest publicly listed bitcoin treasury in the Nordic region.” 

  • UK-based Vaultz Capital acquired 47.85 bitcoin to bring it up to a 117.85 stash.

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