Bitcoin Price Slips Below $63K Amid Rising Institutional Demand

Bitcoin's price fell below $63,000 despite a surge in institutional demand for Bitcoin ETFs. The U.S. spot ETFs saw net inflows of $233.1 million on July 30, led by BlackRock's IBIT. This is a turnaround from earlier this week when the funds recorded heavy outflows.

The $183.4 million inflow into BlackRock's IBIT accounted for nearly 80% of the total daily inflow, while Bitwise's BITB added $20.74 million and Fidelity's FBTC added $15.50 million. Grayscale's GBTC saw no outflows during the session.

The Bitcoin price dropped 2.59% over 24 hours to around $63,081, despite the return in ETF demand. This comes as Strategy, one of the largest corporate Bitcoin holders, announced plans to raise $5 billion, raising concerns about possible Bitcoin sales.

From a technical view, the $62,410 swing low is now an important level for Bitcoin. If BTC holds above this support, a recovery toward $64,640 could follow. A break below $62,410, however, could increase selling pressure and bring the $60,000 level into focus.