A wallet linked to Paxos sold another 800 BTC — roughly $50.72 million — through trading firm Wintermute, extending a two-month run of distributions that now totals 2,500 BTC, or about $154 million. The sales come as Bitcoin continues to hover below the $65,000 mark, unable to hold gains even as equities and metals climb.
Paxos wallet keeps selling
The latest transfer brings the wallet's total sales to 2,500 BTC over the past two months. That's a steady drip of supply hitting the market through Wintermute, a common route for large holders looking to offload without moving the order book all at once.
The timing isn't great. Bitcoin is already struggling to find buyers, and ETF flows have turned negative again this week, pulling demand out of the market just as this supply lands.
Why $65,000 won't hold
Bitcoin has spent the month trying to break above $65,000 and keeps failing. Analyst Ted Pillows flagged the weakness, noting that BTC couldn't hold the level even while stocks and metals were rallying. He called the momentum 'fading' and pointed to $60,500–$61,000 as the next likely test zone if support gives way.
The broader picture is a coin stuck in a range. Since the July CPI print, Bitcoin has traded between roughly $62,000 and $66,000, and it's now sitting near the lower half of that band.
Where support sits
CoinLore pegs immediate support at $62,238, with resistance at $65,059. The expected 24-hour range is $62,388–$64,832. Volatility is at record lows, and traders aren't committing until the next macro catalyst shows up.
A break below $62,238 could open a slide toward $60,500–$61,000. On the upside, reclaiming $65,059 might set up a run at the low $70,000s. The key support zone to watch is $62,000–$62,500 — a retest there would put the Paxos selling and ETF outflows squarely to the test.
