Bitcoin ETFs recorded $225 million in outflows, snapping an eight-day inflow streak, while weak spot demand strengthens BTC's bearish outlook. Price action hints at a potential decline in the coming days.
Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, appears to be facing renewed institutional selling pressure. The recent outflow from the U.S. spot Bitcoin ETFs, ending an eight-day inflow streak, combined with fading spot demand and a bearish technical structure, suggests the recent decline could extend in the near term.
According to analytics platform SoSoValue, on July 23, 2026, U.S. spot Bitcoin ETFs recorded a massive outflow of $225.18 million. This was not only the largest outflow since July 14, 2026, but the only one that ended an inflow streak that Wall Street has witnessed for eight straight days. This outflow may indicate fading institutional interest in the asset, and points to a bearish outlook for BTC.
As of July 25, 2026, BTC was trading at $64,012 down 1.9% over the previous 24 hours. Trading volume rose 9.73% to $25.51 billion, indicating increased market activity despite the price decline.
The rise in trading volume alongside the price decline suggests selling activity has intensified, reinforcing the current bearish momentum.
Meanwhile, another factor that continues to weaken market optimism is fading spot demand. Recently, an analyst at CryptoQuant revealed that BTC spot demand is weakening, while futures demand remains positive. This suggests investors are becoming less interested in holding BTC. Although the futures demand remains net positive, it is significantly lower than it was during the rebound three months ago.
Meanwhile, one notable transaction also raised concerns. Lookonchain, a crypto transaction tracker, recently reported that Abraxas Capitally, a London-based investment firm, deposited a massive 2,211 BTC worth $143.88 million into Kraken.
All these developments over the past 24 hours have raised concern about BTC. Now, the question is whether the decline will continue or if a price reversal is possible.
Looking at the daily chart on TradingView, it appears that BTC’s short-term bias is bearish. On the chart, it is evident that the asset had been rejected at a key resistance level of $66,700.
The chart shows that this key level has remained a hurdle for BTC since June 3, 2026. During this period, the asset has attempted to break this level twice but failed to do so, and each rejection was followed by a price decline.
Based on the current price action, if BTC price remains below the $66,700 level, the bearish outlook remains intact. In this case, the asset could see a potential price dip of 5.25% and may reach the $65,000 level in the coming days.
However, this bearish outlook could be invalidated if the sentiment shifts and the price crosses the $66,700 level. In that case, BTC could see a potential 14% upside move and may reach around $73,250 level, the next hurdle.
Additionally, BTC's broader market structure remains bearish as the price continues to trade below the 200-day Exponential Moving Average (EMA), indicating seller dominance.
CoinGlass data shows that $64,381 and $65,830 are key liquidation levels. With BTC now trading below the lower threshold, reclaiming $64,381 could be an early sign of improving momentum, while $65,830 remains the next major short resistance where short positions are concentrated. Traders at these levels have built $522.52 million in long positions and $401.13 million in short positions.
This indicates that intraday traders have a bullish bias and are potentially expecting a price reversal from the current level.
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