Bitcoin Drops Below $65K After $225M ETF Outflows
Bitcoin's price has been impacted by significant ETF outflows, but it remains above a critical support zone. According to recent data, U.S. spot Bitcoin ETFs recorded $225.18 million in net outflows on July 23. This is after several days of positive inflows, with total net ETF assets standing at $78.82 billion and cumulative net inflows remaining at $51.63 billion.
Despite these outflows, derivatives traders continue to increase their positions, creating mixed market sentiment. The price of Bitcoin has dropped 1.44% over the past 24 hours, trading at $64,161.85. It remains above its 200-day moving average but below its 50-day moving average.
Crypto analyst Lennaert Snyder believes that Bitcoin's bullish setup remains intact despite the recent dip below $65K. He noted that the long after the sweep of the 65K lows is active and that buyers are defending the current structure. The invalidation for the local longs thesis is the 63.7K low, which must hold for the bullish outlook to remain valid.
The futures market remains active, with open interest near $49 billion. However, liquidation data shows both long and short positions have been cleared in recent sessions, suggesting neither buyers nor sellers have established full control. This balanced positioning increases the likelihood of a sharp move once Bitcoin breaks out of its current trading range.