Bitcoin reclaims $64,000 as corporate accumulation and ETF inflows build

Bitcoin rose 0.8 percent to $64,034 as corporate accumulation accelerated and spot ETF inflows turned positive for the first time in two weeks.

"The 270,000 BTC accumulated by whales over two weeks, combined with coins leaving exchanges, points to strong hands absorbing supply at these levels," said Itai Smidt, market analyst at TradingNews.

Spot Bitcoin ETFs recorded a $221.72 million net inflow on July 2, breaking a 10-day outflow streak that had drained $2.7 billion from the funds, SoSoValue data shows. The reversal followed a record June when $4.5 billion exited the products. Bitcoin's market capitalization stood at $1.284 trillion, with trading volume surging 104.7 percent above average during the recovery. Open interest held at $47.71 billion with funding rates at a moderate 0.0087 percent.

The recovery faces its first major test at $64,500 resistance, with the 50-month exponential moving average near $65,631 representing the line bulls must reclaim to shift the medium-term outlook. A failure to hold $63,000 support could send Bitcoin back toward the $60,000 zone.

Whale Accumulation and ETF Flows Point to Structural Shift

Whales accumulated more than 270,000 BTC over the past two weeks, a pattern that typically shows longer-term buyers stepping in during periods of weakness, according to Glassnode data. The buying coincided with coins leaving exchanges, reducing the immediate supply available for trading.

The ETF flow reversal adds another layer of demand. After a 10-day stretch that saw $2.7 billion exit spot Bitcoin ETFs, the $221.72 million inflow on July 2 marked the first positive reading since mid-June. Citi had cut its 12-month inflow forecast to zero during the depths of the selloff.

The stablecoin market tells a more cautious story. Total stablecoin supply contracted by 2.4 percent, or $7.7 billion, to $312 billion in June — the largest monthly decline since the 2022 TerraUSD collapse, according to Walter Bloomberg. A shrinking stablecoin supply reduces the pool of capital available to buy dips, which could cap the recovery if the trend continues.

The $64,500 Resistance Test

Bitcoin's near-term technical map centers on a tight band between $63,000 support and $64,500 resistance. The asset tested the upper boundary during the current session before consolidating just below it, a constructive sign that buyers are absorbing supply.

A clean break above $64,500 would open the path toward the 50-month exponential moving average at $65,631. Below $63,000, the next support sits near $62,000, followed by the $59,000 area. A breakdown below $58,115 — the late-June monthly low — would open downside toward $55,000.

Short liquidations dominated at $86.60 million versus $54.01 million in long liquidations, Coinglass data shows, confirming the rebound was partly driven by forced covering. But moderate open interest and restrained funding rates suggest the market has not swung to excessive long positioning, leaving room for the rally to continue.

This article is for informational purposes only and does not constitute investment advice.