Bitcoin holds above $60,000 as spot ETF inflows steady

Bitcoin spent the past week trading in a narrow band above $60,000, its longest stretch above that level since the spring. The move is less a breakout than an absence of sellers: realised volatility has fallen and the funding rate on perpetual futures has hovered near neutral, which usually points to a market with light positioning rather than aggressive leverage.

What the flows show

Spot bitcoin ETFs in the United States recorded modest net inflows across the week after two weeks of outflows. The numbers are small next to the launch period, but the direction matters more than the size:

• Net creations resumed on three of five trading days.
• Redemptions were concentrated in a single fund rebalancing its basis trade.
• Options open interest rose without a matching jump in put demand.

None of this is a directional signal on its own. Taken together it describes a market that has stopped forcing sellers out and is waiting for a catalyst.

The macro backdrop

Rate expectations did most of the work. A softer inflation print earlier in the month pulled forward the market's estimate of the next cut, and risk assets broadly firmed. Bitcoin's correlation to the Nasdaq, which had drifted toward zero in July, ticked back up — a reminder that on quiet weeks the asset still trades as a high-beta risk proxy.

What to watch next

The near-term question is whether spot demand can absorb the supply that miners and long-dormant wallets tend to release into strength. Watch three things:

1. Whether ETF inflows persist once the next macro data lands.
2. Exchange balances, which have been falling slowly.
3. The funding rate — a sharp move positive would signal leverage returning, and with it the risk of a squeeze in either direction.

None of the above is investment advice. Crypto assets are volatile and you can lose your entire position.