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Bitcoin holds above $62,700 as ETF outflows contrast August inflows
The article points to $350 million in net BTC ETF outflows last week, while August ETF inflows are on track to end near $870 million.
Bitcoin is down about 2% over the past week but has continued trading above the $62,700 level, a price zone the article links to a cluster of buy orders as volumes rose when BTC tested that threshold, according to Yahoo Finance.
The piece ties near-term direction to macro conditions, noting odds of a September interest rate hike fell to 30% from about 76% last month after U.S. inflation cooled to 3.4% in July. It also emphasizes inflation remains 140 basis points above the Federal Reserve's 2% target, and that the Fed's stance is still described as hawkish despite the change in hike expectations.
On crypto positioning, Yahoo Finance says exchange-traded funds tied to the largest tokens recorded $350 million in net outflows last week, suggesting investor caution. However, SoSoValue data cited in the article shows August ETF inflows heading toward $870 million, the highest monthly level since April, implying a potential shift in sentiment toward Bitcoin.
On-chain data cited by the outlet also highlights whale accumulation, with Santiment showing wallets holding between 1 and 100,000 BTC added a net total of 10,000 BTC tokens in August so far, including 30,000 BTC added by the largest whales in the 10,000 to 100,000 range over 17 days. The article argues that this deep-pocket demand can help create stronger price floors as Bitcoin consolidates.
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