Bitcoin has struggled to move past the $65,000 resistance zone despite ongoing inflows into spot Bitcoin ETFs since July 14. Although ETF investments have been positive, they have not significantly boosted Bitcoin’s price.
Declining Spot Demand and Market Indicators
Crypto analyst ScenarioX reported a sharp decline in 30-day Bitcoin spot demand, which worsened from -80,000 BTC in early July to -170,000 BTC recently. This indicates weakening buying interest despite price stability near $65,000. The steadiness is attributed to short-covering activities in the derivatives market and reduced selling pressure from short-term holders.
Another key measure, the Bitcoin New Investors metric, remains close to yearly lows. This gauge tracks the share of capitalization held by coins less than one month old. Analyst Axel Adler Jr. noted the reading at 8.1, within a range of 7 to 50, signaling only a slight rise in new capital but insufficient to indicate a bullish trend reversal.
The short-term holder spent output profit ratio (STH SOPR), which measures profitability of short-term holders, holds a 7-day average at 0.99, just below the 1.0 threshold that separates profits from losses. A sustained rise above 1.0 would imply a shift toward bullish sentiment, but current levels suggest bears remain dominant.
The failure to surpass the $67,300 local swing high confirms the current phase as a stabilization rather than a recovery. The brief rebound to $65,000 merely paused selling pressure without igniting a sustained upward movement.
This material is for informational purposes only and does not constitute financial advice.
