Dessislava Ianeva, an analyst at Nexo, made a similar point in an email to CoinDesk.
“ETF flows confirm it from a different angle. The past ten days are split between inflows and outflows, which is a bit positive,” Ianeva said.
“Glassnode data shows that spot selling pressure has eased. June’s net sales averaged nearly 2,000 BTC per day; July has fallen to just 53 BTC per day, the quietest month of 2026 outside of April.”
However, the relative calm may not indicate a quick turnaround.
The price recovery from the year’s low of $57,700 hit earlier this month is largely driven by derivatives traders and not spot buyers, according to Alex Kuptsikevich, FxPro’s chief market analyst.
“Demand for Bitcoin is recovering rapidly, although growth is currently mainly driven by retail traders in the speculative futures market. At the same time, the situation in the spot market is still less positive,” he said.
Without a strong return of buy-side liquidity, prices could remain in a sideways trend in the coming months, he said.
Caution is understandable ahead of macroeconomic data that could influence interest rate decisions and risk appetite.
US CPI for June is scheduled for release on Tuesday, and Fed Chairman Kevin Warsh’s first congressional testimony is due this week. These events can affect the course of the market and make or break the recovery.
