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Bitcoin (BTC) traded at $62,837.76, down 1.49% on the day, according to TradingView data. The candle opened at $63,790.73, hit a high of $64,006.06, and fell to a low of $62,663.89.
The 10-day exponential moving average (EMA) at $63,477.29 and 10-day simple moving average (SMA) at $63,562.22 both flipped back to a downward signal today, undoing a brief bullish cross earlier this week. Momentum at -471.87 and Bull Bear Power at -34.39 both signal a downward trend, reinforcing the pullback rather than presenting it as an isolated reading on a single indicator.
Spot Bitcoin ETFs were among the biggest drivers of BTC’s 2024-2025 rally, driven by sustained accumulation, according to a CryptoQuant Quicktake. Since October 11, 2025, nearly $10 billion has flowed out of that same channel, reversing the accumulation engine CryptoQuant credits with building the prior advance.
The analysis notes that new whale wallet formation has continued to grow over the same window, even as ETF flows reversed. It states a definitive, broad-based market bottom has not yet been confirmed.
SoSoValue data shows spot Bitcoin ETFs recorded $79.15 million in net inflows on July 16, a third straight positive day following a $424.66 million outflow on July 13.
June alone saw $4.51 billion in outflows, the largest monthly redemption total of 2026, pushing this year’s cumulative net outflows toward roughly $5.8 billion by mid-July.
CryptoQuant’s whale-versus-ETF divergence is a structural, multi-month signal, while the 10-day MA flip and July’s concentrated ETF inflows reflect short-term market conditions.
On July 16, BlackRock and Fidelity accounted for more than 81% of total inflows, suggesting selective institutional buying rather than broad demand.
A single positive ETF day does not reverse the broader $10 billion outflow trend. The key test now is whether the 10-day MA regains a bullish crossover and ETF inflows broaden beyond a handful of funds.
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