Bitcoin Holds $62K Support as ETF Flows Break Eight-Week Slump

Spot Bitcoin ETFs recorded $197 million in net inflows between July 6 and July 10, snapping a persistent eight-week streak of investor withdrawals. BlackRock’s IBIT fund spearheaded the recovery with $292 million in new capital, partially offsetting $108 million in outflows from Grayscale. Despite this renewed appetite, the market remains range-bound as institutional demand struggles to propel prices past the stubborn $65,000 resistance level.

Geopolitical tensions in the Strait of Hormuz have pushed Brent crude above $79 a barrel, heightening concerns over global inflation and potential Federal Reserve interest rate hikes. While Bitcoin has historically reacted sharply to such conflicts, its current resilience suggests a shift in investor behavior. Technical indicators, including the relative strength index at 47 and a nascent recovery in the MACD, point to a stabilization rather than a breakout. Meanwhile, market participants are monitoring a 91% collapse in exchange-to-exchange flows, a phenomenon some analysts attribute to European users migrating away from Binance following recent MiCA-related regulatory restrictions.