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Bitcoin (BTC) traded at $62,974.47 at the time of writing, holding close to the $63,000 mark even as US spot Bitcoin exchange-traded funds (ETFs) posted their eighth consecutive week of net outflows. The funds recorded $527 million in withdrawals between June 29 and July 2, according to SoSoValue, highlighting that institutional demand remains uneven even as Bitcoin recovered from last week’s drop below $58,000.
Bitcoin’s ability to remain near $63,000 despite continued ETF selling has shifted attention toward broader market demand. Traders are now watching whether demand from whales, retail investors, and other spot market buyers can continue absorbing institutional outflows and sustain the recent recovery.
The latest ETF data paints a mixed picture. US spot Bitcoin ETFs extended their weekly outflow streak after investors withdrew $527 million between June 29 and July 2. Most of the selling came early in the week, with daily net outflows reaching $223.1 million on June 29, $222.6 million on June 30, and $294.6 million on July 1, according to SoSoValue.
Spot Bitcoin ETFs See $527M Net Outflows Last Week, Extending Outflow Streak to 8 Weeks
From June 29 to July 2 (ET), spot Bitcoin ETFs saw $527 million in net outflows, marking the eighth consecutive week of outflows. Spot Ethereum ETFs recorded $13.67 million in net outflows,… pic.twitter.com/mqujUflCEl
— Wu Blockchain (@WuBlockchain) July 6, 2026
The trend shifted on July 2, when the funds attracted $221.72 million in net inflows, ending a 10-session withdrawal streak. Fidelity’s FBTC led the recovery with about $166 million in inflows, while BlackRock’s IBIT remained under pressure after posting another day of net outflows.
That divergence suggests institutional demand has started to stabilize but hasn’t yet turned decisively positive. A single day of buying softened the week’s losses, though it wasn’t enough to offset sustained withdrawals recorded throughout late June and early July.
Bitcoin’s price has shown greater resilience than ETF flows. After dropping below $58,000 late last month, the asset has recovered to trade near $63,000, indicating buyers have continued absorbing selling pressure even as institutional flows remain uneven.
From a technical perspective, the $63,000-$63,500 range has become the market’s most closely watched support zone. Crypto market analyst Martini Guy noted that Bitcoin’s rejection near $63,500 was expected because former resistance levels rarely break on the first attempt. He argued that maintaining support above that area keeps the recent recovery intact, while a sustained move below it could expose Bitcoin to another test of $61,000. On the upside, the next major resistance sits near $65,700, where the previous rally lost momentum.
Bitcoin just got rejected at the first test of $63,500.
That's completely normal.
Previous resistance doesn't usually break on the first attempt.
The important part is that Bitcoin has reclaimed $63,500 as support after spending weeks below it.
As long as we continue holding… pic.twitter.com/lyJp4PcBEU
— That Martini Guy ₿ (@MartiniGuyYT) July 6, 2026
Recent macro developments have also supported sentiment. The US added 57,000 jobs in June, well below economists’ expectations of 110,000 and down from 129,000 in May. The weaker labor market data reduced expectations of further Federal Reserve tightening, with CME FedWatch showing the probability of a September rate hike falling to 50% from about 65% after the report.
The 10-year US Treasury yield also fell to around 4.46% after the jobs report, reinforcing expectations of a less restrictive Fed policy and improving the backdrop for Bitcoin and other risk assets.
ETF flows are only one measure of market demand. CryptoQuant’s Spot Average Order Size indicated that large whale purchases increased from June 30 as Bitcoin recovered from its drop below $60,000, suggesting deep-pocketed investors were accumulating, while spot ETFs continued recording net outflows. The activity suggests some long-term investors continued accumulating Bitcoin even as spot ETF demand remained weak.
Still, the recovery remains incomplete. Eight consecutive weeks of ETF outflows continue to point to cautious institutional positioning, even as Bitcoin holds near $63,000. A broader recovery will likely depend on whether renewed spot ETF inflows can persist alongside continued buying in the spot market.
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