finance
Bitcoin Holds Near $64,000 as ETF Outflows Narrow but Persist for Sixth Week
Bitcoin remained around $64,000 while U.S. spot bitcoin ETFs recorded net outflows for a sixth straight week. A stronger dollar and elevated Treasury yields after the Federal Reserve's June meeting offset easing ETF selling pressure.
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Bitcoin traded around $64,000 as U.S. spot bitcoin ETFs posted net outflows for a sixth consecutive week, CoinDesk reported. The outflows narrowed in scale but showed no sustained inflows, leaving institutions defensive amid reassessment of the Federal Reserve's interest-rate path.
The Dollar Index rose to the 100.6-100.8 area after the Fed's June meeting, while Treasury yields stayed high. These conditions favored assets with steadier returns over volatile ones such as bitcoin, CoinDesk reported. Eased ETF selling and improved risk appetite after reduced geopolitical tensions were offset by the firmer dollar and cautious institutional flows, keeping bitcoin range-bound.
Simon-Peter Massabni, head of business development at XS.com, said bitcoin will likely hold a $60,000 to $67,000 range in the near term. Massabni stated that the market is balanced between supportive and restrictive forces. He added that a sustainable recovery in the second half would require more time to accumulate, a return of ETF inflows, and stronger institutional demand.
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