Analysis: demand in the United States market remains weak, with bitcoin rising or unsustainable in July

According to information received on 7 July, several indicators indicate that the increase in Bitcoin in July remained fragile. The Coinbase premium index has been negative for 50 days. The indicator measures price differences between the United States trading platform Coinbase and BTC on Binance. BTC prices in Coinbase continue to be lower than Binance, indicating relatively weak demand in the United States market. At the same time, United States spot bitcoin ETF has shown a net outflow for eight consecutive weeks, while, historically, Bitcoin Cow has usually been accompanied by an ongoing Coinbase premium index. The Japanese bond rate of return has continued to rise, rising to a 30-year high on the 10-year domestic debt and pushing up borrowing costs in the United States, the United Kingdom and Germany. If the rate of return on United States debt continues to rise, it may be a deterrent to the BTC. Bitfinex analysts stated that the structural institutional buyout had not yet been validated before the re-entry of the IBIT in Beled. The Singapore encryption trading company QCPCapital stated that the short-term context would remain constructive if the spot bitcoin ETF continued this trend after re-entry last Friday. It added that a definitive repositioning of the BTC this week of $64,000 would further boost market sentiment and ease market concerns about the listed Bitcoin holding company Strategy (MSTR)。