$BTC Bitcoin’s recent pullback has revealed an interesting phenomenon.
CryptoQuant data shows that around 155,000 BTC changed hands in the $62,000–$65,000 range, creating the largest current cost concentration zone. According to analysts, this suggests that someone is picking up during the drop—not panic-selling and exiting.
However, demand is indeed weak. July closed at $62,900, up 7.3% for the month, but spot trading volume has fallen to its lowest level since the end of 2023. Last week, ETFs saw net outflows of $61.5 million; notably, one day alone saw $265 million leaving.
In derivatives markets, things are calmer. The funding rate remains positive, though not high, and open interest hasn’t seen any major fluctuations.
Overall, it feels like: some people are willing to buy at this level, but no one is rushing to push prices higher. The direction isn’t clear—so we’ll wait.
CryptoQuant data shows that around 155,000 BTC changed hands in the $62,000–$65,000 range, creating the largest current cost concentration zone. According to analysts, this suggests that someone is picking up during the drop—not panic-selling and exiting.
However, demand is indeed weak. July closed at $62,900, up 7.3% for the month, but spot trading volume has fallen to its lowest level since the end of 2023. Last week, ETFs saw net outflows of $61.5 million; notably, one day alone saw $265 million leaving.
In derivatives markets, things are calmer. The funding rate remains positive, though not high, and open interest hasn’t seen any major fluctuations.
Overall, it feels like: some people are willing to buy at this level, but no one is rushing to push prices higher. The direction isn’t clear—so we’ll wait.