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U.S. spot Bitcoin (CRYPTO: BTC) ETFs pulled in $273 million over the past two weeks, ending an eight-week outflow streak, but the total barely covers the quietest single week of the sell-off it followed.
Why $273 Million In Inflows Is Not The Recovery It Looks Like
U.S. spot Bitcoin ETFs attracted $197.4 million in the week ended July 10 and $75.67 million the following week, according to SoSoValue data, breaking an eight-week streak that pulled over $8 billion from these funds.
The two-week total of $273 million is barely more than the smallest single-week outflow during that stretch, which was $226.84 million in the week ended June 18.
The worst single week saw $1.79 billion leave in the week ending June 26. Two full weeks of fresh capital covered the quietest week of the recent sell-off and nothing more.
Bitcoin Rally Lacks Spot Demand As Derivatives Take Control
CryptoQuant analyst ScenarioX said derivatives are driving the current rebound, not spot buyers.
“Derivatives-driven momentum may continue to fuel a technical rebound for a while,” ScenarioX wrote on X.
“However, the rally without meaningful spot demand is likely to end in a significant long liquidation event,” he added.
Moreover, the Fear and Greed Index sitting at 29 reinforces that reading, according to data shared by crypto tracker BTC Live on X.
Fear-driven markets carry reflexive selling risk the moment leverage gets tested, with overleveraged longs getting flushed and the bid disappearing quickly behind them.
Bitcoin Price Tests Key Breakout Zone Near $65,700
Bitcoin is grinding inside a tight Fibonacci cluster that has defined the entire post-June range.
Price is coiling between the 0.618 retracement at $63,575 and the 0.786 level at $65,191, compressing before a directional move.
Meanwhile, the Supertrend remains bearish at $65,727, sitting just above the current price and aligning with the 0.786 Fibonacci level.
That confluence makes $65,191 to $65,727 the key breakout zone bulls need to clear cleanly.
The 20-day SMA sits above the 50-day SMA, a short-term constructive tilt, but the death cross from November 2025 keeps the bigger picture in repair mode rather than a confirmed bull run.
Key levels for Bitcoin:
- $65,191 to $65,727 — breakout zone where Supertrend and Fibonacci resistance converge
- $67,250 — first upside target on a confirmed breakout
- $63,575 — 0.618 Fibonacci support below current price
- $61,303 — downside target on a failure to hold support
Photo via Shutterstock
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This article Bitcoin ETFs Flip Green After $8B Exodus: But Is $273M Enough to Matter? originally appeared on Benzinga.com.
