Key points:
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On July 1, ETFs had more than $342.2 million outflows, with weaker futures activity, indicating that traders have become more defensive.
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Bitcoin traders are watching $106,500 in support and obvious resistance, $109,000.
Bitcoin (BTC) Still stuck in the $4,000 range, as silent market activity, the returns from spot BTC ETF outflows suggest that traders are now turning to a more defensive approach.
US Bitcoin ETF captures 15-day inflow stripes
More than $4.7 billion flows into the United States Funds for Spot Bitcoin Exchange (ETF) is between June 9 and June 30, according to Sosovalue.
However, as the Bitcoin price hovers around $106,000, investors withdrew $342.2 million on July 1, stopping inflows.
The outflows came from four funds, namely the Smart Bitcoin Fund of Origin (FBTC), the Grayscale Bitcoin Trust (GBTC), the ARK 21Shares Bitcoin ETF (ARKB) and the Bitcoin ETF (BitB), and the selling price was $172.7 million, $119.5 million, $27 million, $227 million and $23.
Related: $140K key BTC price points for Bitcoin profit: Research
Meanwhile, since June 26, the leveraged ETF has had moderate activity throughout the week and has flowed back to back for several days. Recently, no material flow has been seen in the leveraged instrument, indicating a low-risk bias among investors.
Add to negative ETF flow, “limited leverage ETF flow signal signal low leverage and moderate output”, K33 study explain In their latest curve report, add:
“These indicate that limited leverage drives market squeeze risks with limited risk.”
Silent encryption futures activity
Activity in the crypto futures market remains in the past week, while BTC binary futures annual premiums fell to a 21-month low of 3.9% on July 1, GlassNode Data show.
K33 Research also noted that CME’s crypto futures have not changed substantially over the past week. On June 30, the annualized BTC CME futures premium fell to an 8-day low of 6.5%, reflecting institutional interests or confidence in recent Bitcoin price increases.
K33 Research explained that this “reflects the trader’s defensive stance” and “continuous reluctance to take on the new long positions, which keeps PERPS trading below spot.”
Bitcoin Open interest Last week, 35,560 BTC was also down to about 650,000 BTC next week while writing May highs are 733,330 BTCaccording to Coinglass data.
Singapore-based trading company QCP Capital explained that while the options market has shown a modest increase in BTC risk reversal over the past 24 hours, the implicit volatility remains near its all-time low.
The company said in a telegram note to investors on July 2:
“Basics and yields continue to reflect soft local sentiments, and most positioning now favors activities with limited scope.”
Traders are waiting for Bitcoin price to break through
As BTC continues to tease and fight back, many Bitcoin traders are becoming more cautious, Hover between $105,000 and $108,800 Since June 25.
Popular Bitcoin analyst Alphabtc explain He turned his eyes to key levels in this range to see what BTC is doing next.
“Everyone’s eyes are $106,500,” the analyst said in a July 2 article on X.
The accompanying chart shows that over $109,000 of obvious resistance, if violated, could push Bitcoin towards price discovery.
“The break and four hours closes over $109k, while the Aths are on the card.”
But, AlphabTC warns that if Bitcoin drops below the lower limit of the range and momentum loses $104,000, it may see a Deeper correction to the $100,000 level.
“BTC’s current merger is typical of “new moon and quarter” and we often see a volatility start, after which the price chooses a direction later,” declared analyst Daan Crypto, adding:
“Give it some time to play and be careful to confirm.”
As a Cointelegraph ReportBTC can consolidate in the current range for several days and requires fresh demand to stimulate momentum upward.
This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.
