Bitcoin Stuck Near $63K as Weakened ETF Demand Holds Price Below $65K

Bitcoin's price has been stuck near $63,000 after failing to break through the $65,000 barrier multiple times. This stagnation is largely due to weakened demand from US spot Bitcoin ETFs, which have seen significant net outflows in recent sessions.

According to SoSoValue data, these funds recorded around $131 million in net outflows on August 13, with ARK 21Shares' ARKB leading the withdrawals at roughly $58.8 million. This trend has continued over the past few days, with Fidelity's FBTC also experiencing significant withdrawals.

The decline in ETF demand has left Bitcoin struggling to hold its recent highs. CoinGecko data shows that BTC is currently trading around $63,173, down about 1.6% over the past seven days. The price action over this period reveals multiple attempts by Bitcoin to break through the $65,000 barrier, but each time it falls short.

Even the release of US inflation data, which provided some relief with softer figures, failed to reverse the decline in Bitcoin's price. The failure leaves the $64,000 to $65,000 area as a major obstacle for Bitcoin to overcome before attempting another push towards $65,000.