Bitcoin is trading near $63,963 after a 1.7% gain in the last 24 hours, fueled by renewed demand for US spot Bitcoin ETFs and a broader recovery in risk assets. The cryptocurrency reached an intraday high of $64,287 but has yet to break decisively above the $65,000 mark.
Spot Bitcoin ETFs have recorded four consecutive sessions of net inflows, a shift from earlier reports of three days. This sustained demand provides a stronger foundation for Bitcoin’s price, although resistance persists and lower trading volumes may limit further upside. Softer US inflation data has also supported demand for rate-sensitive assets, including major cryptocurrencies and tech stocks.
Bitcoin ETF Inflows Extend to Four Days
US spot Bitcoin ETFs saw $181.1 million on July 14, $107.7 million on July 15, and $79.1 million on July 16, totaling about $368 million. An additional $132.3 million inflow on July 17 extended the positive run to four trading days. This marks a sharp reversal from July 13, when net outflows hit $424.7 million. BlackRock’s IBIT led with $136.5 million in inflows on Friday, while Fidelity’s FBTC saw a $4.2 million outflow. Total net inflows since launch now stand at approximately $51.4 billion.
JPMorgan Sees Support From Strategy
JPMorgan analysts described Strategy’s larger cash reserve and positive Bitcoin futures flows as encouraging signs for the cryptocurrency’s outlook. They noted that spot ETF flows have fluctuated sharply but expressed support for the longer-term picture without confirming a trend from the recent rebound. Strategy increased its cash reserve from $2.55 billion to $3 billion to support preferred stock dividends and interest payments. The company holds 843,775 BTC on its balance sheet, purchased for $63.69 billion at an average price of $75,476. No Bitcoin was bought in the latest reporting week.
JPMorgan also reported positive flows in both Chicago Mercantile Exchange Bitcoin futures and perpetual futures markets, which often reflect institutional activity more closely than leveraged products tied to Strategy. The analysts noted it is difficult to determine whether Strategy’s cash buildup directly influenced market sentiment.
Bitcoin Price Faces the $65,000 Test
Bitcoin’s next key test is the $65,000 level, which it briefly surpassed earlier in the week before losing momentum. A daily close above this area, supported by higher trading volume and continued ETF inflows, could open the path toward the recent upper range. Failure to hold $63,500 would shift focus to the $62,500 area, near the latest intraday low.
Separate data shows that digital asset products recently ended an eight-week outflow streak totaling about $8 billion. Approximately $287 million returned last week, followed by further inflows after softer US inflation data. However, a move toward $80,000 may require a clearer change in interest-rate expectations.
ETF flow figures will provide the next direct measure of regulated demand. Price action around $65,000 will also indicate whether buyers can absorb available supply. A close below $62,500 would weaken the current structure, while a close above $65,000 on higher volume would confirm a stronger short-term recovery.
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