ETF outflows and weaker perpetuals leave Bitcoin at $64K

Four US spot Bitcoin ETF sessions recorded a combined $526.5 million in net outflows over July 23–28, with individual withdrawals 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, according to Farside Investors. Bitcoin traded near $64,200 around the reporting window, making $64,000 the immediate market test.

Glassnode reported that Bitcoin retraced from about $66,700 toward $64,000 and then recovered to roughly $65,100. During that period, buy-side aggression in perpetual futures eased and long-side funding payments cooled sharply, while aggregate open interest rose slightly, indicating reduced leveraged exposure rather than a full exit from derivatives markets.

On-chain measures showed little fresh capital entering the market. Active addresses remained steady, economic settlement and transaction pressure were restrained, and broader on-chain capital inflows were stagnant. Regulated investment products moved into net outflows as weekly trading volume declined.

Options activity shifted toward fewer immediate downside hedges. The ratio of open put contracts to calls fell to about 52 puts per 100 calls from roughly 76 in late June. The premium for one-week downside protection eased, although put options continued to trade at higher prices than comparable calls.

Long-term holder metrics provided counterbalance during the period. Glassnode’s data showed aggregate unrealized losses declined modestly and realized losses eased, with no clear evidence of increased long-term-holder distribution.

Market analysts say the holder support would be tested if the price fell below the local range accompanied by renewed long-term-holder selling, rising realized losses or accelerated market-wide selling pressure. A short dip below $64,000 without those signs would represent a deeper price test rather than confirmation of a loss of holder support.

At the time of the report, Bitcoin was down about 0.8% over 24 hours, with a market capitalization near $1.27 trillion and 24-hour trading volume around $28 billion.