Three key demand drivers stall at once, leaving Bitcoin’s $64,000 support to long-term holders

Bitcoin entered today (July 29) with three demand channels losing momentum near $64,000. Four consecutive US spot Bitcoin ETF sessions saw a combined $526.5 million in net outflows, while Glassnode reported weaker perpetual futures buying and stagnant broader on-chain capital inflows.Bitcoin traded near $64,200, leaving $64,000 as an immediate market test rather than a guaranteed floor.Farside Investors data shows ETF outflows of $225.1 million on July 23, $240.1 million on July 24, $11.6 million on July 27, and $49.7 million on July 28. As of about 08:50 UTC on Wednesday, July 28 was the latest session listed.Those outflows show weakness in a major regulated demand channel, not the whole institutional market. They also do not establish what caused Bitcoin’s price move. As CryptoSlate noted after the first reversal, finalized flows can reflect positioning established at different points during a trading session.Glassnode’s Week 31 market pulse described Bitcoin’s retreat from roughly $66,700 toward $64,000 and a recovery to about $65,100. Beneath that range, perpetual-futures buy-side aggression had declined and long-side funding payments had cooled sharply, even as aggregate open ...