Bitcoin price stalls below $65K despite ETF inflows
Bitcoin price is stalling just under $65K, trading around $64K and failing to reclaim the $66,000 resistance zone. Over the past 24 hours Bitcoin price slipped about 0.5% and over seven days is down roughly 0.6%. At the same time, U.S. spot Bitcoin ETF inflows remain supportive: ETFs pulled in $137.6M on Thursday, lifting four-day net inflows to about $763.6M. BlackRock’s IBIT led with $128.3M; Fidelity’s FBTC added $11.2M, while VanEck’s HODL saw outflows.
A key macro and policy factor is timing. Senate leaders delayed the CLARITY Act vote until September, removing an expected August regulatory catalyst. Traders also face an immediate data window: July employment data (Aug. 7) followed by CPI (Aug. 12). Strong jobs or sticky inflation would likely reinforce tighter Fed expectations, which could pressure risk assets.
On positioning, derivatives leverage is rebuilding but is still below prior peaks. CryptoQuant reported rising BTC open interest across Binance, Bybit and Gate.io, with total combined open interest around $8.86B—about 54% below the October 2025 high. Technical commentary suggests a clearer bullish shift may require a sustained break above $67K, targeting the $69K–$72K resistance band.
For traders, the mix remains constructive for demand via Bitcoin ETF inflows, but the lack of a breakout keeps Bitcoin price action range-bound until the next data-driven catalyst.
Neutral
Bitcoin price is supported by steady spot Bitcoin ETF inflows, but the market has not cleared nearby resistance (around $66K+). The Senate’s CLARITY Act vote delay removes a near-term policy catalyst rather than improving the outlook, keeping sentiment from turning fully bullish. At the same time, derivatives leverage is gradually rebuilding (open interest rising) which is a constructive backdrop, yet total leverage is still far below the peak conditions seen near the October 2025 high—suggesting there is room for recovery but not yet a crowded squeeze.
In similar past “ETF-supportive but range-bound” regimes, prices often oscillate until a macro trigger forces repricing. Here, that trigger is likely U.S. employment first and CPI next. A downside risk is that stronger-than-expected jobs or persistent inflation revives tighter Fed expectations, pressuring BTC despite ETF demand. On the upside, if data disappoints and BTC breaks above $67K and then holds, the rebuilt derivatives positioning could amplify follow-through, turning range traders into momentum buyers.
Net: constructive demand signals exist, but catalysts are not aligned enough to confirm a breakout, so the expected impact on market stability is neutral.