Bitcoin Retreats From $64,500 as Weak ETF Flows Shadow $500 Million Liquidations

1 articles · Updated · CoinDesk · Jul 7

$64,500 marked Bitcoin’s two-week high before it fell Tuesday, ending its longest winning streak since March and pulling Ether back to $1,770 from Monday’s $1,830 peak.
More than $500 million in leveraged crypto positions were liquidated in 24 hours, mostly shorts for a sixth straight day, reinforcing that July’s rebound has been driven by a squeeze rather than fresh bullish demand.
740,000 BTC in open interest—down from 776,000 on July 3—along with weak ETF flows and a negative Coinbase premium suggest derivatives and spot buyers are not backing the rally.
$2.16 trillion is the crypto market’s value after an 8.4% rise since July 1, but altcoins remain split: ETHFI and LIT gained more than 30% in a week while FET, KASPA and WLD fell.
40% on Bitcoin’s 30-day implied volatility index is still below January’s near-60% high, yet options markets on Deribit continue to show lingering downside concern for both Bitcoin and Ether.

Sources

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