Bitcoin’s recent price action is sending conflicting messages, as on-chain data reveals both persistent liquidity weaknesses and a notable reduction in panic-driven selling. Glassnode’s Bitcoin Market Pulse report from July 13 highlights a stalled rally despite a recovery toward $64,000. Spot trading volume dropped 21.5% to $4.1 billion, and the spot cumulative volume delta (CVD) turned negative from $17.2 million to -$58.8 million, indicating thin underlying demand. Perpetual CVD also plummeted from $457.5 million to $83.9 million. Daily active addresses fell 7.6%, signaling weaker user engagement.
In contrast, the same report shows spot Bitcoin ETFs saw a massive 1108.89% weekly net inflow surge, totaling $161 million. A separate analysis from TheCryptoUpdates notes that US-listed spot Bitcoin ETFs broke an eight-week outflow streak with $197.4 million in net inflows last week, further supporting the idea that marginal sellers are drying up. Wintermute OTC trader Jasper De Maere observed that Bitcoin held firmly above $62,000 through US airstrikes and Strait of Hormuz tensions, suggesting “weak hands” have already exited.
On-chain metrics from Nexo and Glassnode confirm spot selling pressure faded dramatically—from an average of nearly 2,000 BTC per day in June to just 53 BTC a day in July, the calmest month of 2026 outside April. However, FxPro chief analyst Alex Kuptsikevich cautions that the current bounce is mostly driven by speculative futures traders rather than robust spot buying. Without a strong return of buy-side liquidity, prices could remain rangebound. Upcoming macro events, including the US CPI release and Fed Chair Kevin Warsh’s Congressional testimony, may determine whether the recovery gains traction or stalls further.
