Bitcoin's Support at $64,000 Faces Three-Pronged Demand Drought

The support level of $64,000 for Bitcoin has become crucial as three key demand drivers stall simultaneously. The recent net outflows from four US spot Bitcoin ETF sessions amount to a combined $526.5 million, while Glassnode reported weaker perpetual futures buying and stagnant broader on-chain capital inflows.

Long-term holders are showing conviction in their support for Bitcoin's price, which is currently trading near $64,200. The firm Farside Investors data shows ETF outflows of $225.1 million on July 23, $240.1 million on July 24, $11.6 million on July 27, and $49.7 million on July 28.

Glassnode's Week 31 market pulse described Bitcoin's retreat from roughly $66,700 toward $64,000 and a recovery to about $65,100. Beneath that range, perpetual-futures buy-side aggression had declined, and long-side funding payments had cooled sharply, even as aggregate open interest increased slightly.