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Bitcoin faces renewed $64,000 support test as ETF outflows rise
CryptoSlate reports four straight US spot Bitcoin ETF sessions logged $526.5 million in net outflows as Glassnode data showed weaker perpetual buying and stagnant broader on-chain capital inflows.
Bitcoin hovered near $64,200 on July 29 as multiple demand channels lost momentum around the $64,000 level, turning the area into an immediate test for long-term holders rather than a guaranteed floor.
CryptoSlate, citing Farside Investors data, said four consecutive US spot Bitcoin ETF sessions recorded combined net outflows of $526.5 million, with $225.1 million on July 23, $240.1 million on July 24, $11.6 million on July 27, and $49.7 million on July 28.
On the derivatives and on-chain side, Glassnode pointed to weaker perpetual futures buy-side aggression and cooled long-side funding payments, even as open interest rose slightly, a mix that suggests more cautious leverage rather than a total retreat from derivatives exposure.
Options positioning also appeared less defensive, with CryptoSlate noting an options ratio of about 52 open put contracts per 100 calls, down from 76 in late June. Glassnode found that active addresses stayed steady but settlement and transaction pressure remained restrained, while long-term holders remained the clearest offset as aggregate unrealized losses declined modestly and realized losses eased.
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