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Bitcoin (BTC) traded at $65,863.93 at the time of writing after US spot Bitcoin exchange-traded funds (ETFs) extended their net inflow streak to six consecutive sessions, signaling renewed institutional demand following months of uneven flows.
The renewed buying has helped BTC recover from last month’s lows, but the cryptocurrency remains below the $66,000-$67,000 resistance zone that has capped every rebound since June. Whether the latest ETF demand can finally clear that barrier is now the market’s main focus.
Renewed institutional demand through US spot Bitcoin ETFs has become the strongest driver behind Bitcoin’s July recovery.
According to SoSoValue, the funds attracted $203.14 million in net inflows on July 21, extending their positive streak to six consecutive trading sessions. The run has brought cumulative inflows over the period to around $930 million, reversing part of the heavy redemptions recorded in June.
BlackRock’s IBIT once again led the market with $163.89 million, accounting for about 81% of the day’s total inflows. Fidelity’s FBTC followed with $23.11 million, while ARKB added $9.69 million, and Grayscale’s BTC fund contributed $6.46 million. Most other ETFs recorded zero net flows, showing institutional demand remains concentrated in a handful of the largest products.
The latest buying also pushed the combined assets held by US spot Bitcoin ETFs to $80.94 billion, while cumulative net inflows since launch climbed to $51.78 billion. Investors traded approximately $2.03 billion worth of ETF shares during Tuesday’s session, one of the strongest trading days of the month.
The six-day streak stands out because it follows a difficult June, when spot Bitcoin ETFs experienced sustained outflows as Bitcoin fell below $60,000. Consecutive inflow streaks often carry more weight than a single large daily purchase because they suggest institutions are rebuilding exposure over several sessions instead of reacting to one market event.
That said, the recovery remains uneven. BlackRock’s IBIT continues to dominate new allocations with more than $60.77 billion in cumulative inflows and about $49.22 billion in net assets, while several smaller ETFs have attracted little or no fresh capital during the latest rally. The improving flow trend suggests institutional demand is recovering, although fresh allocations remain concentrated in the largest ETF products.
Bitcoin’s technical picture has improved over the past three weeks, but the recovery still faces a major test. At the time of writing, BTC traded near $65,863.93, holding above its five-day and 20-day moving averages (MAs) while remaining below the 50-day MA at $66,608, showing buyers have yet to reclaim another key technical level.
Momentum indicators remain constructive. The four-hour relative strength index (RSI) has eased to around 56.5 after briefly entering overbought territory, while the daily moving average convergence/divergence (MACD) remains above its signal line, indicating buyers still hold the near-term advantage despite Wednesday’s pullback.
The immediate hurdle remains the $66,000-$67,000 resistance zone. A sustained move above that area would shift attention toward the 100-day MA near $70,108. Onchain analyst Ali Charts also identifies $69,340 as the short-term holder realized price, a level that has capped every Bitcoin rebound since November 2025.
Bitcoin's biggest test isn't here yet.
Since November, every rebound has been rejected at the Short-Term Holder Realized Price. With $BTC back near $66,000, all eyes are now on $69,340.
If history repeats, that's where the bulls will have to prove themselves. pic.twitter.com/LGYd6rF9wS
— Ali Charts (@alicharts) July 21, 2026
The broader macro backdrop has also turned more supportive. US and Asian semiconductor stocks extended their rebound for a second straight session, improving appetite for risk assets, while US Treasury Secretary Scott Bessent urged Congress to pass the CLARITY Act before the August recess, reinforcing optimism around US crypto regulation.
The recovery, though, still lacks full technical confirmation. Bitcoin remains below its 100-day MA at $70,108 and 200-day MA at $79,378, while ETF inflows, although improving, remain well below the levels seen during previous institutional accumulation phases.
Research from 10x Research adds another layer of caution. The company argues that part of Bitcoin’s advance appears to be driven by short covering, although fresh inflows are beginning to contribute more meaningfully to price action.
Is Bitcoin's Short-Cover Rally Strong Enough to Break Coinbase's Bears?
Coinbase stock has climbed roughly 13% over the past 30 trading days, including a sharp single-day move on July 21 that pushed shares back above $175.
Our bullish Bitcoin view appears to be paying off,… pic.twitter.com/W33ofQPf0A
— 10x Research (@10xResearch) July 22, 2026
Bitcoin now sits just below a resistance zone that has capped every recovery since June, with the 100-day MA near $70,108 and the short-term holder realized price at $69,340 representing the next technical hurdles if buyers regain control.
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