Dessislava Ianeva, an analyst at Nexo, made a similar point in an email to CoinDesk.
“ETF flows confirm it from another angle. The past ten days split between inflow and outflow, netting slightly positive,” Ianeva said.
“Glassnode data shows spot selling pressure has faded. June’s net selling averaged nearly 2,000 BTC a day; July’s has slowed to just 53 BTC a day, the calmest month of 2026 outside April.”
The relative calm, however, may not indicate a rapid turnaround.
The price recovery from the year’s low of $57,700, hit earlier this month, is largely driven by derivatives traders and not spot buyers, according to Alex Kuptsikevich, FxPro’s chief market analyst.
“Demand for Bitcoin is recovering rapidly, though the growth is currently being driven mainly by retail traders in the speculative futures market. At the same time, the situation in the spot market remains less positive,” he said.
Without a strong return of buy-side liquidity, prices could remain in a sideways trend for months to come, he said.
Caution is understandable ahead of macroeconomic data that may influence interest-rate decisions and the appetite for risk.
U.S. CPI for June is scheduled for release Tuesday and Fed Chair Kevin Warsh’s first Congressional testimony is due this week. These events could influence the market trajectory and make, or break, the recovery.