ETF Flows and Open Interest Send Mixed Signals for Bitcoin

Analysts pointed to ETF flows, gold, and yields as key factors in shaping Bitcoin's near-term price movements. The spot price of Bitcoin (BTCUSD) saw significant inflows related to ETFs in late July, with some projecting potential price targets between $70,000 and $75,000.

However, the market sentiment was bearish for Bitcoin vs US Dollar (Spot CFD BTCUSD), despite the price holding within a specific range. Analysts warned of a possible downside move to $40,000 but also flagged higher-probability upside scenarios.

The open interest in Binance rose to approximately $8.15 billion, causing some concern among traders. Additionally, a correlation between price and open interest indicated long liquidation, resulting in around $236 million in 24-hour crypto liquidations.