Bitcoin’s early July bounce rides thin summer liquidity as half of supply still sits underwater: analysts
The Block·
60-second summary
Bitcoin is trading around $63,500 after a six-day rally, driven by thin summer liquidity, analysts say. Wintermute and Bitfinex have flagged weak ETF demand, while K33 notes that 50% of supply is still underwater, incurring losses. This bounce may be short-lived, with market participants cautious about the sustainability of the rally amidst lingering losses.
BTC traded around $63,500 after a six-day rally as Wintermute and Bitfinex flagged weak ETF demand, while K33 said 50% of supply is at a loss.