It is considered that the increasing buying interest of large US-based investors may be behind the $ 64,000 recovery in Bitcoin price. On-chain data platform CryptoQuant stated that the demand dynamics on the Coinbase side stood out in the rise in July.
Coinbase premium is monitored for direction
CryptoQuant analyst Burak Kesmeci stated that the Coinbase premium indicator gave the first signals that the buying momentum was gaining strength again. This indicator tracks the BTC price difference on Coinbase and Binance and is considered an important reference for investor demand in the USA.
Burak Kesmeci noted that Coinbase Premium Index data for BTC and ETH is still in the negative zone, but both indicators reacted from their local bottoms.
The 14-day simple moving average, which Kesmeci drew attention to, is seen as critical for monitoring the short-term direction of the indicator. Coinbase premium remains in negative territory for most of 2026. This chart indicated that demand from both large and small investors was weak in the largest cryptocurrency exchange in the USA.
According to CryptoQuant data, the indicator is currently at minus 0.08. The last positive crossover on the daily time frame was seen more than two months ago. Kesmeci emphasized that the current outlook may support a short-term reaction rise, but for a more permanent trend change, the indicator must rise above zero.
Fragile balance in ETF flows continues
Corporate demand in the market is also closely monitored. US spot Bitcoin ETFs recorded their first net inflow after a period of uninterrupted outflows of $2.7 billion. However, data shows that investor sentiment still remains sensitive to price movements.
According to Farside Investors data, there was a net outflow from spot Bitcoin ETFs for the third consecutive day on Thursday, with the total amount reaching $95.3 million. Farside Investors is known as a UK-based data provider that tracks ETF flows on a daily basis.
| Indicator | The current situation |
|---|---|
| Bitcoin price | It recovered around $64,000 |
| Coinbase bonus | In negative territory at minus 0.08 |
| Spot Bitcoin ETF flows | Net outflow of $95.3 million on Thursday |
| Previous release series | Total $2.7 billion |
Bitcoin Suisse drew attention to the bottom signal
Crypto finance company Bitcoin Suisse highlighted ETF flows as one of the signs of possible change in the market in its analysis that evaluated different indicators together. The company argued that there has been a shift in market dynamics this week, following eight weeks of ETF outflows and Bitcoin hitting a 21-month low.
Bitcoin Suisse stated that after eight weeks of ETF outflows and the lowest Bitcoin level in 21 months, something changed in the market this week and the bottom signal frame started to flash.
The company also noted that the Crypto Fear and Greed Index remains in the lowest extreme greed zone. This outlook points to a picture in which the search for a bottom and signs of recovery are followed simultaneously, but market sentiment has not fully stabilized.
