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Summary
- US spot Bitcoin ETFs have posted net gains for seven consecutive days.
- Bitcoin fell to $64,760 after touching a monthly close to $66,700 two days earlier.
- CryptoQuant data shows weak position even as ETF buying continues.
- The four-hour RSI has dropped to 41 from the overbought areas earlier this month.
Bitcoin traded around $64,700 on July 23, retracing part of the rally that took it to $66,700 just two days earlier. The pullback dropped 2.2% on the price in 24 hours, according to CoinMarketCapwhile the market capitalization was $1.29 trillion. What makes the drop worth watching is what hasn’t happened alongside it: US spot ETFs are still buying. Which is followed by Santiment shows seven straight days of sales dating back to July 14, totaling nearly $981 million, even as the chart below began to trend higher.
The last time Bitcoin ETFs rallied this high was in early October 2025, before the price hit its all-time high of $126,000. That comparison doesn’t guarantee a repeat, and the current size is much smaller than the previous trend, but it shows what the ETF has been aiming for in the past. Santiment’s comment on the data reflected the same ambivalence that is currently taking place: conditions seem favorable for another $70,000 break, but a sudden one-day increase could be a sign to watch, as this type of trend tends to show short peaks rather than starting new upward legs.
Two Coins Carried Almost the Whole River
Damage to Farside Investors out of eleven US Bitcoin ETFs fill in where the trend came from and where it was about to break. BlackRock’s IBIT moved almost every single day, Fidelity’s FBTC moved in line more often than not, and Grayscale’s GBTC made cash in almost every quarter it ever recorded an outflow.
There are two things that stand out. July 13 produced one of the worst days since the trend began, with IBIT and FBTC both shedding money at the same time, and the lines are almost exactly a sharp drop on the price chart that week, when Bitcoin briefly gave a level of $64,000 before clawing back within days. And GBTC hasn’t posted a good day in the entire window, even though every other fund is issuing new coins.
Why BlackRock Still Wins and Grayscale Still Loses
The mechanism of the division is cheap. GBTC still charges an annual fee of 1.50%, a holdover from its days as the only vehicle to watch ETFs before being converted in 2024, while IBIT charges 0.25% and new entrants such as Morgan Stanley’s MSBT charge as little as 0.14%. Officials create and redeem ETF shares based on where the demand is, and if a low-cost fund can offer Bitcoin exposure at a low price, money will move there over time. That cycle shows up as a departure from the GBTC line even on days when the entire ETF group takes in hundreds of millions, and it says more about the competition for funds inside the ETF wrapper than it does about Bitcoin itself.
Cold RSI Shows A Quick End, Not a Reversal
Access to prices helps explain why ETF inflows have not translated well. Bitcoin rose from a low price of around $58,700 on July 1 to a high of $66,700 on July 21, and the 50-period exponential moving average, which now sits at $65,016, followed the rise all the way. Prices that were above average during the session indicate buyers are in control in the short term; the closeness of $ 64,760 to the bottom is a warning sign, not only a sign of a return, but an indication that the momentum has cooled so that many people can catch it.
RSI tells a similar story. It peaked around 70 twice this month, first around July 5th and again around July 20th, both levels that traders see as a signal to buy moving very quickly. It has dropped to 41, which is below the neutral 50 without reaching the peak of 30 that usually marks the best-selling products. In general terms, the buying rush that started the rally has ended, but the sellers have not reacted either.
A Weak Signal Under ETF Headings
Founder of CryptoQuant Ki Young Ju published the chart on July 23 which complicates the entry issue. Its data separates spot demand and futures demand on a 30-day basis, and shows buying that loses momentum when futures demand, while positive, moves below where it stood in the past three months. This distinction is important because the creation of ETF flows and futures placements can mask the internal market movements, where real money changes hands. A rally driven mainly by ETF plumbing and futures positions, without the need for a place to grow, has less leverage than all three combined.
The demand for Bitcoin space is decreasing. Demand for futures remains positive, but is significantly lower than it was three months ago. pic.twitter.com/aWisc8VQ5k
– Ki Young Ju (@ki_young_ju) July 23, 2026
The $62,000 Zone Is a Line in the Sand
If the volume of money holds and demand for land resumes, a return to $66,700 and a push to $70,000 will be the most likely option, which is in line with Santiment’s launch that has been reported since October. If the need for space continues to soften while the ETF is moving and the only thing that makes the tape, the most fragile events take, and with the price that will be below the 50 EMA, the next real test will be $ 62,000 to $ 63,000 zone where the market was consolidated at the beginning of July, and $ 58,700 below July to be 100 low. One indicator to keep an eye on is the one-day ETF. Santiment’s comments on the stock take this as a warning rather than a good news story, as spikes of this size tend to show up in the long run rather than confirm an explosion.
