Bitcoin Price Stuck in Range as BTC Traders Adopt “Wait-and-See” Strategy
Bitcoin (BTC) is currently trading within a $4,000 range, reflecting muted market activity and a defensive trading approach. US Bitcoin ETFs experienced a significant inflow of over $4.7 billion from June 9 to June 30, but saw a reversal with $342.2 million withdrawn on July 1. Major outflows occurred from Fidelity Wise Origin Bitcoin Fund, Grayscale Bitcoin Trust ETF, ARK 21Shares Bitcoin ETF, and Bitwise Bitcoin ETF. Leveraged ETFs also showed limited activity, indicating low-risk sentiment among investors. Crypto futures market activity remains subdued, with BTC Binance futures premiums at a 21-month low and CME futures premiums dropping, suggesting reduced institutional interest. Bitcoin's open interest has decreased significantly, and traders are closely monitoring key price levels between $105,000 and $108,800 for potential breakout signals. Analysts highlight that a reclaim of $106,500 could lead to upward momentum, while a drop below $104,000 may trigger a deeper correction.
