Analysis: Bitcoin rebounded above $61,000, wi…

Bitcoin rebounded above $61,000 on Thursday, recovering from a 21-month low hit earlier this week, showing signs of recovery after significant market volatility. The US Odaily Bitcoin ETF recorded a net outflow of approximately $296 million on July 1st, continuing the trend of capital outflows; June saw a single-month outflow of approximately $4.5 billion, one of the worst months on record. The Grayscale Bitcoin Mini Trust ETF saw the largest single-day net inflow at $36.3 million. On-chain data shows that long-term holders have re-entered the accumulation phase after a prolonged distribution period, with increased buying activity from addresses holding 100-1000 BTC. Currently, approximately 10.83 million BTC are at a loss, compared to 9.22 million BTC in profit. Glassnode analyst Chris Beamish points out that increased buying in the Coinbase order book and stabilizing market maker Gamma positions indicate structural support is forming, but the derivatives market remains cautious. The options market's put/call ratio has risen to a one-year high, implied volatility is increasing, and demand for safe-haven assets is strengthening; meanwhile, Hyperliquid's long leveraged exposure has reached a recent high, indicating a divergence in market sentiment. In terms of price structure, Bitcoin repeatedly tested support after briefly falling below $58,000, and is currently still below the key Gamma Flip range of approximately $68,000; a price of around $53,000 is considered an important structural support level. On the macro level, weaker-than-expected US non-farm payroll data and a delayed market expectation of interest rate cuts mean the crypto market remains in a phase of fund rotation and structural competition. (The Block)

Analysis: Bitcoin rebounded above $61,000, with long-term holders buying back in, but ETFs continued to see outflows.

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