Bitcoin held near $64,000 on Tuesday even as spot bitcoin exchange-traded funds absorbed $211.5 million in net inflows and Wall Street broke to fresh records on Aug. 4. The divergence is one that analysts read as a market compressed into stillness rather than one bracing for a fall.
Spot ether ETFs also took in $53.8 million the same day. Indeed, the S&P 500 closed at a record 7,737, with the Nasdaq up 2.6% on AI earnings and Brent crude sliding below $80 amid easing tensions in the Strait of Hormuz, according to Wintermute.
The ETF bid landing without lifting bitcoin price is the tell. Wintermute OTC trader Jasper De Maere argued that the marginal buyer in spot is not outright long. He went on to posit that the recovery narrative only holds if bitcoin (BTC) convincingly clears $65,000 in the near term.
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The week bitcoin sat out
