27.07.202606:00:43UTC+00Bitcoin Holds Near $65,00

Bitcoin hovered near $65,300 in late July, trading in a narrow range after having fallen to its lowest level in nearly two years earlier in the month. Improving sentiment toward risk assets offered support, but this was tempered by weakening demand for spot Bitcoin ETFs.

On the macro front, the United States and Iran extended a pause in retaliatory strikes, easing some fears over broader disruptions to regional energy supplies following the recent escalation in tensions. Even so, upside in Bitcoin remained limited as US-listed Bitcoin ETFs saw substantial outflows of more than $465 million on July 23 and 24, snapping a seven-day streak of inflows. The reversal came as investors grew more cautious on the outlook for US monetary policy and the possibility that the Federal Reserve may keep interest rates higher for longer.

The renewed selling pressure, however, was not enough to wipe out weekly gains. Over the full week, Bitcoin ETFs still recorded net inflows of $33.8 million. At the same time, markets are closely watching developments around the Clarity Act, a long-anticipated US cryptocurrency market-structure bill, where progress has stalled amid disputes over ethics provisions.