Bitcoin spot demand weakens as new capital hesitates despite ETF inflows - AMBCrypto
1alt HD: ETF Turnaround Proves Insufficient to Trigger True Macro Bullish Turnaround for Bitcoin TradersBitcoin [BTC] was struggling to scale the$65klocal supply zone. SinceJuly 14, the spot Bitcoin ETF. . .
1alt HD: ETF Turnaround Proves Insufficient to Trigger True Macro Bullish Turnaround for Bitcoin TradersBitcoin [BTC] was struggling to scale the$65klocal supply zone. SinceJuly 14, the spot Bitcoin ETF inflows have been positive. The injection of capital has not been enough to substantially elevate prices yet. Source: CryptoQuantCrypto analyst ScenarioX noted a steady drop-off in the 30-day Bitcoin spot demand. The metric recovered to-80k BTCin early July, but has since deteriorated to-170k BTC, the analyst explained in a post on CryptoQuant Insights. Despite decreased demand, prices have stayed relatively stable around$65kbecause of short-covering in the derivatives market. Easing short-term holder sell pressure was also a contributing factor. AMBCrypto reported that the turnaround in ETF flows was not enough to confirm abullish reversal. A reading of the short-termprice structurehighlighted the importance of the$67. 3klocal swing high. Lack of new investors growth signals stabilization, not reversalSource: Axel Adler Jr. TheBitcoinNew Investors metric remained near its yearly lows. It measures the share of capitalization concentrated among coins younger than 1 month [not moved in a month or less]. Crypto analyst Axel Adler Jr. used this metric to gauge new capital activity and short-term demand. The analyst observed a reading of8. 1, with the lower boundary at7and the upper at50. This meant an increase in new capital, but not in enough strength to point toward a BTC trend reversal. Source: Axel Adler Jr. Further evidence of a local stabilization instead of a reversal came from the short-term holder spent output profit ratio [STH SOPR]. The metric measures the average profitability of short-term Bitcoin holders. Its7-day moving averagewas at0. 99, below the1. 0mark that separates profitability from realized losses. A sustained recovery in the metric above1. 0would signal market sentiment has shifted. As things stand, the lack of significant participation from new capital and short-term holders realizing losses meant that bears were still in control. Final SummaryBitcoin has not yet found the momentum to take prices above the $65k-$67k local supply zone. The bounce toward $65k was only a brief respite from selling, and not the beginning of a bullish recovery, the metrics showed.