On August 14, Bitcoin dropped below the $63,000 mark, reaching levels not seen since early August.
Hourly BTC/USDT chart from Binance. Source: TradingView.As of this writing, Bitcoin is trading at $62,600, reflecting a 1.5% decline over the past 24 hours.
In contrast, Ethereum's price has remained stable, currently around $1,860.
Hourly ETH/USDT chart from Binance. Source: TradingView.According to SoSoValue, Bitcoin spot ETFs experienced their first two-day outflow since late July, with investors withdrawing a total of $192 million on April 12 and 13.
Source: SoSoValue.This decline contrasts with the stock market's performance, which has been buoyed by encouraging producer price inflation data, showing a decrease to 4.7%, which was lower than expected.
Despite Bitcoin's downturn, open interest for the asset on Binance has been climbing since early July, now standing at $27.09 billion, as reported by Coinglass.
Source: Coinglass.Analysts from XWIN Japan attribute the market's weakness to low spot demand and ETF inflows. They noted, "At the same time, futures positions remain relatively high. This creates an imbalance: weak spot purchases, low liquidity, and increased leveraged positions. When positive macroeconomic news does not lead to price increases, leveraged orders may start to close."
Additionally, XWIN Japan identified a potential oversupply near the short-term cost basis for holders around $68,700.
On August 12, Glassnode analysts warned of the risk of Bitcoin retracing to $58,500.