Overview
- Bitcoin traded in the low‑to‑mid $60,000s and gave back gains after U.S. strikes on Iran and reported tanker attacks pushed oil sharply higher and rattled equities.
- U.S. spot Bitcoin ETFs showed volatile flows in early July with a large inflow one day and net outflows the next, and those swings are now a dominant driver of price moves.
- The Coinbase Premium has been negative for about 50 straight days, which market trackers say signals weaker U.S. buying pressure compared with overseas venues.
- On‑chain measures show quiet accumulation and falling exchange reserves but remain negative overall, so long‑term holder buying has not yet confirmed a durable rally.
- Traders are focused on the July 14 U.S. CPI print because gasoline pass‑through into inflation and subsequent Fed messaging could decide whether Bitcoin retests $70,000 or slides back toward lower support.