1alt HD: ETF Return Proves Insufficient to Trigger True Macro Bullish Reversal for Bitcoin Investors
Bitcoin (BTC) was struggling to scale 65 thousand dollars local supply area. Since then 14 JulySpot Bitcoin ETF inflows have been positive. The capital injection has not yet been enough to raise prices significantly.
Crypto analyst ScenarioX noted a steady decline in 30-day Bitcoin spot demand. The metric returned to: -80 thousand BTC in early July, but has since worsened -170 thousand BTCThe analyst explained this in a post on CryptoQuant Insights.
Prices remained relatively stable despite reduced demand 65 thousand dollars due to short covering in the derivatives market. Easing selling pressure from short-term holders was also a contributing factor.
AMBCrypto reported that the reversal in ETF flows was not enough to confirm a rally. bullish reversal. A short term read price structure drew attention to the importance of the issue $67.3 thousand local oscillation is high.
Lack of new investor growth points to stability, not reversal
Bitcoin The New Investors metric remained near yearly lows. It measures the share of capitalization concentrated among coins that are less than 1 month old (not moving in a month or less).
Crypto analyst Axel Adler Jr. used this metric to measure new capital activity and short-term demand. The analyst observed the following reading: 8.1with lower limit 7 and on top 50.
This meant an increase in new capital, but it was not strong enough to signal a reversal of the BTC trend.
Further evidence of local stability rather than reversal came from the short-term holders’ spent output profits ratio (STH SOPR). The metric measures the average profitability of short-term Bitcoin holders.
His 7 day moving average was there 0.99under 1.0 The sign that distinguishes profitability from realized losses.
A sustainable improvement in the above measurement 1.0 It may signal that market sentiment has changed. As it stands, the lack of significant infusion of new capital and losses to short-term holders meant that the bears were still in control.
Final Summary
- Bitcoin has yet to find the momentum to push prices above the local supply zone between $65,000 and $67,000.
- Metrics showed that the rise towards $65,000 occurred shortly after the sell-off and was not the beginning of a bullish recovery.
