Three key demand drivers stall at once, leaving Bitcoin’s $64,000 support to long-term holders
Bitcoin is testing demand near $64,000 as three support channels weaken: US spot Bitcoin ETF flows, perpetual futures buying, and broader on-chain capital inflows. Four straight ETF sessions saw about $526.5 million in net outflows, while Bitcoin traded around $64,200 after falling from roughly $66,700 and briefly recovering to about $65,100. Glassnode said perpetual-futures buy-side aggression and long funding cooled, with only a slight rise in open interest, suggesting more cautious leverage rather than a full derivatives unwind. On-chain activity also showed little new capital replacing that demand, with active addresses steady but settlement, transaction pressure, and inflows muted. Options positioning was less defensive, with downside protection easing. Long-term holders remain the main offset, still showing conviction and lower realized losses. A sustained break below $64,000 would matter more if it came with long-term-holder distribution and rising selling pressure.
