U.S. spot Bitcoin (CRYPTO: BTC) ETFs logged back-to-back daily inflows for the first time since May 5-6, pulling in $487 million across two sessions after roughly eight weeks of bleeding $8.26 billion in outflows.
BlackRock Led The Return After 11 Straight Days Of Selling
BlackRock’s IBIT (NASDAQ:IBIT) purchased $209.39 million in Bitcoin on July 6, ending an 11-day selling streak and accounting for the bulk of the $265.69 million in total ETF inflows that day.
The prior session on July 2 added another $221.72 million, making the two-day stretch the clearest sign yet that institutional demand is returning after one of the longest outflow streaks since the ETFs launched.
Grayscale Research said Strategy’s $216 million Bitcoin sale yesterday should be read as a positive development rather than a bearish signal, noting the sale rebuilt Strategy’s dollar reserve to cover 17 months of preferred dividend payments.
“The rebound in STRC suggests investors are responding positively to this decision,” Grayscale said.
Two Warning Signs Suggest The Recovery Isn’t Confirmed Yet
The Coinbase Premium, which measures the price difference between Bitcoin on Coinbase (NASDAQ:COIN) versus Binance, has been negative for 50 straight days, the longest such streak in recent memory.
A negative premium historically signals weak U.S. demand, and bull runs have consistently featured the opposite.
Japanese bond yields add a second concern. The 10-year Japanese government bond yield hit a 30-year high Tuesday, pushing borrowing costs higher across the US, UK, and Germany.
Rising Treasury yields historically create headwinds for Bitcoin by lifting the opportunity cost of holding a non-yielding asset.
Bitcoin’s Chart Shows Stabilization But Not A New Trend Yet
Bitcoin trades near $63,400 after breaking down from its descending channel in June, cascading into the $58,000 to $59,000 demand zone before recovering.
Price is attempting to reclaim the channel structure, but the broader technical setup remains bearish with the 20-day SMA at $61,872, the 50-day at $66,211, and the 200-day at $74,488 all stacked in a bearish sequence from the November 2025 death cross.
RSI sits at 51.78, a neutral reading that signals consolidation rather than a clear directional move.
The 50-day EMA at $65,638 is the key decision zone traders will watch for any rally attempt to either stall or gain traction.
Reclaiming and holding above that level is what separates a tactical bounce from the beginning of a real trend repair.
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