Bitcoin holds near $62,000 as ETF inflows break eight-week streak

Eight weeks of sustained ETF outflows have finally reversed, suggesting the marginal seller may have left the market.

Bitcoin traded near $62,000 on July 14, holding above key support as spot ETF inflows resumed after eight consecutive weeks of outflows totaling roughly $8 billion.

"The eight-week ETF outflow streak broke. One turn, not a trend, but the marginal seller is drying up," Jasper De Maere, an over-the-counter trader at Wintermute, said.

Spot bitcoin ETFs pulled in a net $197.40 million last week, the first positive week after the longest outflow streak on record, according to CoinShares data. Glassnode figures show spot selling pressure has collapsed from nearly 2,000 BTC a day in June to just 53 BTC a day in July — the calmest month of 2026 outside April.

The recovery faces tests this week. The June US Consumer Price Index is due July 14, and Fed Chair Kevin Warsh's first congressional testimony follows. A hot inflation print could push BTC toward the $61,000 support zone, while a cooler reading may open a path to $65,000 resistance.

ETF flows turn positive after record streak

The $197.40 million in net inflows last week broke a streak that had drained roughly $8 billion from spot bitcoin ETPs across all issuers, CoinShares data shows. The reversal aligns with a broader slowdown in spot-market selling. Centralized exchange spot volumes rose 15.3% to $1.11 trillion in June, the first monthly increase in five months, according to The Block's Data Dashboard.

Dessislava Ianeva, an analyst at Nexo, said the past 10 days have split between inflow and outflow days, netting slightly positive. "ETF flows confirm it from another angle," she said.

Macro headwinds persist as CPI looms

Bitcoin's rebound faces headwinds from multiple directions. The Federal Open Market Committee's latest minutes showed a persistent hawkish stance, with rates held at 3.50% to 3.75% and the possibility of a September rate increase still on the table. Escalating US-Iran tensions over the Strait of Hormuz have pushed oil prices higher, reigniting inflation concerns and reducing expectations for near-term rate cuts.

"Bitcoin's recent weakness has been driven by a broader risk-off move across global markets," Roy Kashi, co-founder and CEO of Falconedge, said. "Rising tensions between the US and Iran have pushed oil prices higher, reignited inflation concerns and reduced expectations for near-term rate cuts."

The June CPI report, due July 14, has historically triggered outsized Bitcoin moves. Past releases this year produced swings ranging from a 4 percent decline to a 27.6 percent crash in May and a 10.85 percent pump in June, according to data compiled by analyst Ted Pillows.

Corporate selling absorbed, regulatory progress stalls

Concerns around Strategy's Bitcoin holdings — roughly 4 percent of total supply — have eased. An initial sale of 32 BTC in early June triggered notable price weakness, but a later disposal of more than 3,500 BTC in July was absorbed with relative calm, with BTC recovering toward $63,800.

On the regulatory front, momentum behind the CLARITY Act has stalled because of unresolved issues around developer exemptions and stablecoin provisions. Bipartisan support has frayed, and with a crowded legislative calendar ahead of recess, passage odds have declined.

Analysts at CoinShares characterize the current environment as a delicate base-building period rather than the onset of a fresh bullish cycle. The transmission chain remains intact: macro data this week will determine whether the nascent flow recovery can sustain or whether BTC retests the $57,700 year-to-date low.

This article is for informational purposes only and does not constitute investment advice.