Bitcoin Remains Around $64,000 as ETF Outflows Extend to Six Weeks

According to CoinDesk pricing data, Bitcoin is trading close to $64,000, still in search of a significant catalyst to break free from the range it has maintained for several weeks.

While selling pressure from spot bitcoin ETFs has decreased compared to earlier this month, new institutional interest has not yet materialized.

Data indicates that U.S. spot bitcoin ETFs have experienced net outflows for six consecutive weeks, with only a few days showing positive inflows. Although the outflow magnitude has lessened, the lack of consistent inflows suggests that institutions are remaining cautious as they reevaluate the Federal Reserve's trajectory on interest rates.

A contributing factor is the strengthening dollar. Following the Fed's June meeting, their careful communication dampened expectations for immediate rate reductions, pushing the Dollar Index, which assesses the dollar against other major currencies, into the 100.6-100.8 range while keeping Treasury yields elevated.

With liquidity remaining tight, investors are leaning towards assets that offer more stable yields rather than volatile options like bitcoin.

The recent easing of geopolitical tensions following the U.S.-Iran agreement has increased risk appetite, providing short-term support. However, this boost has not been sufficient to counterbalance the stronger dollar and cautious capital flows.

Simon-Peter Massabni, head of business development at XS.com, noted in comments to CoinDesk that Bitcoin is likely to remain within a $60,000 to $67,000 range in the near future. He characterized the market as "balanced between supportive and restrictive forces," with reduced ETF selling and improved sentiment on one side, and an unsupportive Fed along with uncertain institutional flows on the other.

A lasting recovery in the latter half of the year will require more time to build momentum, a resurgence of ETF inflows, and heightened institutional demand. Until those conditions are met, the current price rebounds appear to be technical corrections rather than the onset of a new upward trend.