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Bitcoin hovers near $64,000 as ETF outflows and perpetual demand soften
US spot Bitcoin ETFs posted $526.5 million in net outflows across four sessions, while Glassnode said perpetual buy-side aggression cooled as open interest rose slightly.
Bitcoin is trading near $64,200, placing the $64,000 level under immediate pressure as several demand channels lose momentum, according to CryptoSlate. The outlet said the move centers on regulated ETF flows, perpetual futures buying, and broader on-chain capital inflows.
CryptoSlate cited data showing four consecutive US spot Bitcoin ETF sessions with combined net outflows of $526.5 million. Farside Investors data listed outflows of $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, arguing the weakness is concentrated in a major regulated demand channel rather than the entire institutional market.
On the derivatives and on-chain side, Glassnode described Bitcoin’s retreat from about $66,700 to $64,000, followed by a recovery to roughly $65,100. CryptoSlate reported that perpetual-futures buy-side aggression had declined and long-side funding payments cooled sharply even as aggregate open interest increased slightly, a pattern the firm linked to more cautious leverage rather than disappearing derivatives exposure.
CryptoSlate added that broader on-chain signals showed little evidence of fresh capital replacing weakened demand, with active addresses steady but economic settlement and transaction pressure restrained and regulated investment products shifting to net outflows as weekly trading volume declined. It also referenced options positioning showing about 52 open put contracts for every 100 calls, down from 76 in late June, alongside an easing of one-week downside protection premiums, while long-term holders continued to provide an offset as realized losses eased and unrealized losses declined modestly.
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