Dessislava Ianeva, an analyst at Nexo, made a similar point 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,” said Ianeva.
“Glassnode data shows that spot sales pressure has eased. June net sales averaged nearly 2,000 BTC per day; July net sales slowed to just 53 BTC per day, the quietest month of 2026 outside of April.”
This relative calm does not necessarily indicate a rapid recovery, however.
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, chief market analyst at FxPro.
“Demand for Bitcoin is recovering rapidly, although growth is currently mainly driven by retail traders in the speculative futures market. At the same time, the situation on the spot market remains less positive,” he said.
Without a strong return to buy-side liquidity, prices could remain in a sideways trend for months to come, he said.
Caution is understandable when approaching macroeconomic data that could influence interest rate decisions and risk appetite.
US CPI for June is expected to be released on Tuesday and Fed Chairman Kevin Warsh’s first testimony before Congress is expected this week. These events could influence the trajectory of the market and make or break the recovery.
