Bitcoin Forms Cost Cluster at $62,000 to $65,000 Amid Weak Demand

Recent pullbacks in Bitcoin have led approximately 155,000 BTC (0.7% of supply) to enter the realized price range of $62,000 to $65,000, forming the largest cost basis cluster in the market, indicating that buyers are accumulating during the downturn. Despite a strong supply side, demand has weakened, with Bitcoin closing at around $62,900 in July (up 7.3% for the month), and spot trading volume dropping to its lowest level since the end of 2023. The U.S. spot Bitcoin ETF recorded a net outflow of $61.5 million for the week, ending three consecutive weeks of inflows, with a single-day outflow reaching $265 million. The derivatives market remains balanced, with funding rates between 0.006% and 0.01% remaining positive, and open interest stable. Analysts believe market signals are mixed, expecting Bitcoin to maintain a range-bound movement until macro catalysts or institutional demand returns.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.