Nexo analyst Dessislava Ianeva made a similar comment in an email to CoinDesk.
“ETF flows confirm this from another angle. The last ten days were divided between inflows and outflows, with a slightly positive result,” Ianeva said.
“Glassnode data shows that spot selling pressure has faded. June net sales averaged nearly 2,000 BTC per day; July’s have slowed to just 53 BTC per day, the quietest month of 2026 outside of April.”
However, the relative calm may not indicate rapid change.
The price recovery from the year’s low of $57,700, reached earlier this month, is largely driven by derivatives traders and not spot buyers, according to Alex Kuptsikevich, chief market analyst at FxPro.
“Bitcoin demand is recovering rapidly, although growth is currently mainly driven 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 the next few months, he said.
Caution while awaiting macroeconomic data that could influence interest rate decisions and risk appetite is understandable.
The June US CPI is scheduled for release on Tuesday and Federal Reserve Chairman Kevin Warsh’s first congressional testimony is scheduled for this week. These events could influence the trajectory of the market and make or break the recovery.
