Bitcoin bulls are trying to regain composure following a 7% drop at the end of June. June’s decline, which undid May’s rally, was mostly caused by miner selling and worries that inflows into ETFs were more likely to be non-directional arbitrage bets than pure positive wagers.

Price action reveals while Bitcoin is trying to bounce back from its loss from the previous month, more difficulties are ahead despite increased ETF inflows. Onchain data points to a possible resistance level of $65K.
For the fifth day in a row, the spot Bitcoin exchange-traded fund (ETF) market in the United States saw a notable daily inflow of $129.45 million.
Additionally, the $129.45 million inflow into ETFs on July 1 is the largest since June 7. Bitcoin’s value recovered $62.5K after BTC ETF inflows turned positive, following nearly three weeks of difficulties breaking through the major resistance.
Fidelity’s ETF saw the largest inflow, with 1,030 BTC valued at $65 million, according to data from the cryptocurrency research portal SoSo Value. Bitwise’s ETF came in second, with 650 BTC valued at $41 million.
But early today, the price of Bitcoin fell below $63,000 once more, and it is currently trading at $62.6K. BTC is still down more than 15% from its all-time high of $73.7K, even though its price has rebounded from its weekly low below $60,000.
In the past, July has been a bullish month. Since the approval of spot Ether ETFs is quickly approaching, the cryptocurrency market may experience another bullish surge in the upcoming weeks, similar to the one that occurred when spot BTC ETFs were allowed.
The drop has notably pushed prices considerably below the aggregate cost basis of short-term Bitcoin holders—that is, wallets that store value for 155 days or less—frequently monitored metric. According to data provider LookIntoBitcoin, the aggregate cost basis for short-term holders was $65,000 as of this writing. Realized pricing, is the average price at which coins were last spent on-chain, and is what on-chain analytics companies use to calculate aggregate cost basis.
LookIntoBitcoin data highlighted that long-term holders had incentives to increase or preserve their coin holdings because their average cost is less than $20,000. You read correctly; their average cost basis is about 70% lower than Bitcoin’s current present price