- Bitcoin trades near $62,806 as total crypto market cap climbs to $2.16 trillion.
- Bitcoin ETFs post $197.4 million inflow after eight straight weeks of outflows.
- Fidelity says Bitcoin nears Power Law support near $58,000, no bottom confirmed.
Bitcoin traded near $62,806, down 2.11% over the past 24 hours and roughly flat for the week, while Ethereum held around $1,780, down 1.66% daily but essentially unchanged over seven days. XRP traded near $1.07, Solana slipped to $75.57, and Hyperliquid’s HYPE token held above $66.
Total crypto market capitalization stood at $2.16 trillion, up 1.72% over the past day. The Fear & Greed Index read 29, still in “fear” territory, while the Altcoin Season Index climbed to 54. The average crypto RSI eased to 41.6, leaning toward oversold.
ETF Flows Improve but Trend Reversal Unconfirmed
CryptoQuant analyst Axel Adler said Bitcoin ETF markets recorded about $197.4 million in net inflows after eight consecutive weeks of outflows, though he cautioned the scale is too small to confirm a shift in institutional demand. The ETF market’s 30-day flow momentum remains deeply negative at roughly -$4.73 billion, with cumulative capital down to about $51 billion from a peak near $62 billion.
Short-term holder pressure model showed buying power still leading selling pressure by about 5.94 percentage points, though both metrics cooled slightly from the prior day, with no trend-switch signal yet flashing.
Fidelity Flags Bitcoin’s Approach to Long-Term Support
Fidelity Global Macro Head Jurien Timmer said Bitcoin is nearing the lower support line of the firm’s long-running “Power Law” model, currently near $58,000, with Bitcoin trading roughly 56% below the model’s trend line in what it defines as an “Accumulation Zone,” a level previously associated with market bottoms in 2018 and 2022.
Timmer stopped short of confirming a bottom, noting the market still lacks a clear catalyst and could oscillate near support for months. He added that capital has rotated from Bitcoin into gold and more recently into semiconductors.
Ethereum’s Energy Profile and Security Get Fresh Scrutiny
A Cambridge Centre for Alternative Finance study found Ethereum’s annual electricity consumption has fallen roughly 99.96% since its 2022 shift to proof-of-stake, now estimated at about 7.87 gigawatt-hours, or the equivalent of around 2,000 UK households.
Measured against market capitalization, Ethereum ranked second-lowest in energy intensity among proof-of-stake networks studied, behind BNB Chain, though the report flagged concentration risk in the network’s geographic and provider distribution of validator nodes.
Stablecoin Market Shrinks for the First Time in Years
The stablecoin market posted its largest monthly decline since the Terra-Luna collapse, shedding $7.7 billion in June and roughly $10 billion, or about 3%, since its May peak. USDT fell from about $190 billion to $184 billion, while USDC dropped from a high near $80 billion to approximately $73 billion.
The pullback remains far milder than the 26% contraction seen during the 2022 crypto winter, and newer entrants such as Paxos-issued USDG and Anchorage’s USDGO continued growing, with Citi and Standard Chartered still projecting the stablecoin market to reach between $1.9 trillion and $4 trillion by 2030.
Security Incidents and Whale Activity
The official X accounts of SpaceXAI and Starlink were compromised to promote a meme coin that was rug-pulled shortly after posting, with the attacker netting roughly $135,000 before the posts were deleted. Separately, a Bitcoin whale dormant for seven years moved 2,931 BTC worth about $188 million, a position that would represent a roughly 10x return if sold.
A large HyperLend position drew attention after a whale deposited $107.21 million in assets and borrowed $70.94 million against them at a Health Factor of 1.31, while also staking HPL tokens to reduce fees, a move analysts said reflects growing use of on-chain lending to improve capital efficiency.
Regulatory Developments
Thailand introduced new source-of-funds verification requirements for individual cash deposits exceeding roughly $150,000 and said its central bank and securities regulator are auditing stablecoin transactions, with particular focus on USDT, to curb illicit fund flows.
Several tokens including DBR, ARB, and YZY face unlocks in the coming week, led by deBridge’s roughly $10.1 million unlock on July 17.
Related: Bitcoin Policy Institute Seeks to Join Legal Battle Over 3.7M Dormant BTC
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
