Glassnode said fresh capital inflows remain near zero while Axel Adler Jr. reported exchange inflows near multi-year lows, pointing to limited sell-side pressure but no clear signal of a breakout.
Bitcoin traded around $64,000-$65,100 after rebounding from a slide toward $64,000 and briefly reaching about $66,700, but on-chain analysts said the market remains in a consolidation phase. Glassnode said broader capital inflows are still stagnant, with realized value growth near zero, active addresses steady, and transaction pressure restrained, indicating existing capital is mostly rotating rather than significant new money entering the network. Separately, Axel Adler Jr. said about 60,000 BTC moved to exchanges over the past month, roughly 24% below the previous year’s average and near multi-year lows, suggesting sell-side pressure remains limited. Spot Bitcoin ETFs also saw about $465 million in outflows on July 23 and July 24, though the full week remained positive by about $34 million. Together, the data points suggest neither a clear buildup in selling pressure nor a strong return of buyers.