Spot Bitcoin ETFs posted $211.5 million in net inflows on Tuesday, yet Bitcoin stayed largely flat near $64,000, a price response that analysts read as a sign of compression rather than an immediate breakdown. On the same day, spot Ether ETFs drew $53.8 million in net inflows. In broader markets, the S&P 500 closed at a record 7,737 on Aug. 4, the Nasdaq gained 2.6% on AI-driven earnings, and Brent crude fell below $80 as tensions around the Strait of Hormuz eased. Jasper De Maere, an OTC trader at Wintermute, said the fact that ETF demand entered the market without lifting Bitcoin is itself an important signal, suggesting marginal spot buyers are not acting like true one-way bulls. In his view, Bitcoin needs a clear move above $65,000 in the near term if the recovery narrative is to continue. Analysts are increasingly describing the current setup as a “boring bottom,” with no clear panic selling but also little strong upside momentum.
Spot Bitcoin ETFs recorded $211.5 million in net inflows on Tuesday, but Bitcoin was little changed and held near $64,000.
Analysts said the price action looks more like a market compressed into a low-volatility range than the start of a sharp drop. Spot Ether ETFs also logged $53.8 million in net inflows on the same day.
Broader markets moved on separate drivers
In macro markets, the S&P 500 closed at a record 7,737 on Aug. 4. The Nasdaq rose 2.6%, lifted by AI earnings, while Brent crude slipped below $80 after tensions around the Strait of Hormuz eased.
Wintermute trader points to weak price response
Jasper De Maere, an OTC trader at Wintermute, said ETF buying entered the market but failed to push Bitcoin higher, calling that an important signal in itself. He said it suggests marginal buyers in the spot market are not true one-way bulls.
De Maere added that Bitcoin needs a clear break above $65,000 in the short term if the recovery narrative is to continue.
“Boring bottom” becomes a common reading
On balance, analysts are reading the current Bitcoin structure as a “boring bottom”: there is no obvious panic selling, but there is also no strong upward momentum. ETF inflows are offering support, yet the price remains capped below a key resistance area, leaving the market waiting for a clearer directional catalyst.
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