Bitcoin trades between $52,699 and $67,176 with subdued activity, while ETF outflows and shrinking stablecoin supply weigh on sentiment.
Bitcoin is exhibiting mid-to-late bear market traits, trading between its long-term realized price of $52,699 and short-term holder realized price of $67,176. The $63,200 level has acted as support, but a break below could target the June low of $57,803.
Spot trading volume has plunged to early 2019 levels, and onchain transfer velocity is at a seven-year low, signaling weak liquidity. U.S. spot Bitcoin ETFs saw $385.2 million in net outflows last week, while stablecoin supply fell 4.5% from its May peak to $300.7 billion.
Despite easing financial conditions and record equities, crypto markets remain unresponsive. Analysts say recovery hinges on renewed ETF inflows and stablecoin supply growth.