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Bitcoin holds near $63,500 as spot ETF inflows rise
CoinDesk cites data showing US spot ETFs added more than 14,000 BTC over five days into Aug. 7, while Q3 flows turned positive after heavy outflows in late Q2.
Bitcoin is trading roughly flat near $63,500, but the underlying flow picture has shifted, according to ARP Digital partner Yusuf Fakhro in a note to CoinDesk. Fakhro said US spot ETFs took in more than 14,000 BTC over five days into August 7, the strongest stretch since May, and that Q3 has drawn about 11,000 BTC of net inflows compared with roughly 110,000 BTC of outflows in the back half of Q2. He characterized the institutional selling that defined Q2 as flipping to buying. The note also pointed to thinner liquidity conditions, with spot volumes falling to two-and-a-half-year lows, perpetual volumes to three-year lows, and volatility near multi-year troughs. Fakhro argued that fresh demand arriving in the least watched, most sold out part of the market can help form durable bottoms. He added that leverage could amplify moves, noting perpetual open interest has stayed above 300,000 BTC through the summer even as volumes collapsed, leaving the market exposed to a sharp liquidation move in either direction. Bitcoin has been stuck between $60,000 and $80,000 for about six months, holding near a roughly 50% drawdown rather than grinding lower, he said, with on-chain data showing bottoming characteristics as sentiment shifts from panic to caution.
Latest closeBitcoin $63,324.38 ▲0.8%