New York, July 10, 2026, 19:12 (EDT) — Bitcoin traded near $63,994 late Friday, advancing 1.3% for the session after reaching an intraday high of $64,571. The digital asset hovered close to its session peak, yet demand through the primary Wall Street vehicle for Bitcoin exposure remained subdued.
U.S. spot Bitcoin ETFs recorded net outflows totaling $180.2 million over Wednesday and Thursday. This brought July’s cumulative net flows to just $34.5 million through July 9, even though Bitcoin traded 8.7% above its July 1 level of $58,864.27. Friday’s flow data had not been finalized at the time of publication.
The divergence between price action and fund flows is notable. The net inflow of $34.5 million represents a mere 0.07% of the total $51.24 billion that has flowed into these ETFs since their inception—a figure insufficient to explain a nearly 9% price increase. Analysts pointed to other catalysts, including short covering, a softer U.S. dollar, and a rebound in Asian semiconductor stocks. “Once liquidations begin to drive price action, the market can move faster than real demand would justify,” said Shawn Young, chief analyst at MEXC Research. Liquidations refer to forced closures of leveraged positions when investors run out of collateral.
Two crypto-proxy stocks lagged Bitcoin’s advance, signaling that investors were not broadly piling into exchange-traded crypto exposure. Strategy Inc (NASDAQ: MSTR) added 0.7%, while Coinbase Global Inc (NASDAQ: COIN) rose 0.4%, both trailing Bitcoin’s 1.3% gain.
Derivatives markets indicated less bearish sentiment than cash-fund flows, but conditions remained fragile. Bitcoin’s options put/call ratio dropped to 0.56, the lowest level seen in 2026, suggesting bullish call contracts outnumbered bearish puts. Nevertheless, traders continued to pay premiums for downside protection. Long-term holders recorded daily losses of approximately $280 million, selling coins at prices below their acquisition cost—the fastest pace of such selling since December 2022.
Corporate Bitcoin activity also added nuance. Strategy Inc sold 3,588 Bitcoin worth roughly $216 million between June 29 and July 5, using the proceeds to cover preferred-share payouts and bolster cash reserves. Geoff Kendrick, head of digital-assets research at Standard Chartered Plc (LON: STAN), described the sales as “mostly noise rather than a signal,” maintaining his year-end 2026 Bitcoin price target of $100,000.
The sustainability of the rebound remains uncertain. Continued ETF outflows and a strengthening dollar could reverse the gains. Leverage that propelled Friday’s move upward could also amplify a downturn. If Bitcoin falls below $60,000, it may retest the recent low near $58,300. Vikram Subburaj, CEO of Giottus, advised investors to “avoid chasing short-term rallies until BTC clears $67,000 with stronger ETF demand.”
The key question now is whether Bitcoin can sustain levels above $65,000, not merely touch them. Traders are looking for consistent positive fund flows rather than a temporary spike. Without that, the current move may prove to be a sharp bounce in a thin market, rather than a return of steady institutional demand.
