The spot capital flow for BTC hasn’t fully caught up. The main reason it’s holding steady around $60K is due to a weaker dollar and short covering. BTC ETFs sold 71,600 BTC this month, roughly $4 billion. Corporate treasury-type companies only bought 7,500 BTC. Adding the new supply from miners, the net gap is -77,000 BTC, about $4.4 billion. For BTC lacking spot market appeal, whether it can continue to hold $60K is still hard to say.