Bitcoin's Support at $64K Faces Test as Multiple Demand Drivers Stall
Bitcoin's price has been under pressure from multiple demand drivers stalling at once. The cryptocurrency traded near $64,200 on July 29, leaving its support level of $64,000 as a critical test for long-term holders.
The US spot Bitcoin ETF sessions saw a combined $526.5 million in net outflows over four consecutive sessions, with outflows ranging from $49.7 million to $240.1 million per session. This weakness is specific to a major regulated demand channel and does not necessarily reflect the entire institutional market.
Additionally, Glassnode reported weaker perpetual futures buying and stagnant broader on-chain capital inflows. The firm's Week 31 market pulse showed that active addresses remained steady, but economic settlement and transaction pressure were restrained, while aggregate open interest increased slightly.