ANALYST: BITCOIN OR BUILDING A BASE IN A “SILENT BUSINESS” WHERE ETF INFLOWS FAILED TO DRIVE PRICE BREAKTHROUGHS

On 6 August, while the spot bitcoin ETF recorded a net inflow of $211.5 million on Tuesday, the price of bitcoin remained almost the same and around $64,000. According to analysts, this trend is more akin to a market being squeezed to low volatility than to an imminent sharp decline. On the same day, the ETF recorded a net inflow of US$ 53.8 million. At the macro market level, the Standard 500 Index was at a record high of 7737 points on 4 August, and NASDAQ was pushed up by AI by 2.6 per cent, while Brent crude oil fell by $80 as tensions in the Strait of Hormuz subsided. Wintermute OTC trader Jasper De Maere stated that the ETF buy-in market, which failed to push up bitcoin prices, is in itself a key signal that marginal buyers in the spot market are not truly unilateral. In his view, if Bitcoin was to continue the recovery narrative, a clear breakthrough of $65,000 would be required in the short term. Overall, analysts are interpreting the current movement of bitcoin as a “silent bottom-building”: there is no apparent panic to sell, and there is a lack of robust mobility. ETF financial flows provide support, but prices are still being suppressed under critical resistance, suggesting that markets are still waiting for clearer directional catalysts。