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Bitcoin slips as ETF flows stall and spot volume hits lowest level since 2023

CoinDesk reports July spot volume fell to its lowest average daily level since November 2023 and bitcoin’s weekly spot close hovered near $62,600 after failing to reclaim $65,000.

Reported · Written up by our desk · Market Structure

Bitcoin is trading lower as participation in the spot and derivatives market appears to stall rather than driven by aggressive selling, according to CoinDesk’s coverage of trader commentary from ARP Digital.

ARP Digital partner Yusuf Fakhro said the ETF bid that helped power July’s recovery has flipped to net outflows of nearly 4,000 BTC on the week, while spot activity fell sharply, with July posting the lowest average daily spot volume since November 2023. CME open interest is also back at 2023 levels, and perpetual-futures positioning has leveled near 300,000 BTC, signaling a market that has stopped participating.

CoinDesk also pointed to a pause in structured buying, noting Strategy has held off on bitcoin purchases for a fifth straight week, leaving the largest structural buyer sidelined as traders wait for the next inflow print.

Separately, the week’s move was influenced by a custody incident: a Coldcard firmware flaw dormant since 2021 was exploited to drain roughly 1,367 BTC, about $89 million, from thousands of self-custodied wallets, with some holders reportedly moving coins back onto exchanges and into regulated products. Bitcoin traded near $62,700 on Monday, down 3.5% on the week, after closing near $62,600.

Latest closeBitcoin $62,614.96 ▼1.4%

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