TLDR
- Bitcoin climbed 0.4% to $64,129 Monday, supported by enhanced risk appetite following U.S.-Iran diplomatic progress.
- U.S. spot Bitcoin ETFs experienced their sixth consecutive week of withdrawals, totaling $5.94 billion, though the outflow rate has decreased significantly.
- Bitcoin has maintained weekly closings above $63,000 for three consecutive weeks after touching a 2026 floor near $59,000.
- Open interest in Bitcoin futures declined 19.5% from June highs, while funding rates retreated to 0.02%.
- Crypto analyst Daan Crypto Trades cautioned that without bullish momentum toward the 200 EMA, a drop back to $60K could materialize.
Bitcoin posted a modest advance on Monday, climbing 0.4% to settle at $64,129.44. The uptick followed encouraging developments from diplomatic discussions between the United States and Iran that bolstered risk appetite throughout global markets.
At the G7 summit held in France, Washington and Tehran inked a memorandum of understanding that established a ceasefire and facilitated the reopening of the Strait of Hormuz. The agreement included a 60-day negotiation window for additional diplomatic engagement.
Weekend tensions resurged when hostilities erupted between Israel and the Iran-supported Hezbollah forces in Lebanon. Iran temporarily shuttered the Strait of Hormuz once more before discussions reconvened in Switzerland, where Qatari and Pakistani mediators facilitated renewed diplomatic advancement.
Bitcoin’s upward movement remained constrained by persistent Federal Reserve policy pressures. Expectations surrounding interest rate increases continued applying downward force on speculative investments, as market participants redirected funds toward artificial intelligence-focused equities.
ETF Withdrawals Showing Deceleration
U.S. spot Bitcoin exchange-traded funds recorded their sixth successive week of net withdrawals. Collectively, approximately $5.94 billion exited these investment vehicles throughout this timeframe.
However, the withdrawal velocity has diminished considerably. Outflows reached approximately $1.72 billion during early June and declined to roughly $227 million last week, according to Alon Shvartsman, who founded Bitcoin analytics platform Newhedge.
“If this represented the beginning of a substantial institutional liquidation, one would anticipate accelerating withdrawals alongside a considerably weaker spot marketplace,” Shvartsman explained to Investing.com. “Conversely, Bitcoin continues trading within the $64,000 to $65,000 corridor.”
Cryptocurrency analyst Daan Crypto Trades commented on X, observing that Bitcoin concluded the week above its Weekly 200-day moving average. He cautioned that bullish forces must advance toward the 200 EMA promptly, otherwise a reexamination of the $60K zone grows increasingly probable. “Some alts have been interesting to trade and have my focus in this environment,” he added.
Blockchain Metrics Indicate Consolidation
Bitcoin has now delivered three successive weekly closings exceeding $63,000 following contact with a 2026 minimum around $59,000. Market observers highlight this resembles accumulation structures witnessed during previous market cycles.
Bitcoin futures open interest contracted 19.5% from its June 1 high of $25.96 billion down to $20.89 billion by June 21. This reduction exceeded Bitcoin’s corresponding 11.4% price decline throughout the identical timeframe, indicating position liquidation rather than fresh short accumulation.
Funding rates have moderated from 0.1% down to 0.02%, signaling diminished long leverage throughout the marketplace.
On the blockchain, long-term holders’ realized supply achieved 12.42 million BTC. Bitcoin’s sales pressure indicator has remained dormant for 1,256 consecutive days, representing the longest uninterrupted period recorded.
Hashrate has closely followed the price trajectory downward through June. Matteo Spinosa from Doefin informed Investing.com this demonstrates production cost adjustment within the cycle, dismissing alternative narratives suggesting AI-driven miner migration.
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