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Bitcoin stuck at $63,000: ETF outflow largest in six months
Economy
Bitcoin spot exchange-traded funds (ETFs) recorded their largest outflow since late June last week, interrupting a strong start to August, Bloomberg reports.
In the week ending August 10, 13 U.S.-traded funds saw a net outflow of $389.7 million, following an inflow of $853.5 million the week before, according to Bloomberg data. The first week of the month saw these funds experience their strongest weekly inflow since April: the surge occurred amid a rare hack of a brand of so-called cold wallets, which spurred interest in protecting digital assets through traditional financial instruments.
"The net outflow from ETFs last week reflects subdued sentiment in the Bitcoin market," said Esmée Pau, head of capital markets and policy at blockchain security firm CertiK. "The inflows seen shortly after the Coldcard hack now look like an anomaly, while overall institutional sentiment remains cautious, bordering on pessimism."
The resumption of ETF selling coincided with Bitcoin stagnating around $63,000—roughly 50% below its all-time high reached in October last year. The risk of higher interest rates is keeping sentiment cautious, and the lack of progress in the US on the proposed Clarity Act, which would regulate the crypto market, is also forcing buyers to wait.
Inflows into Bitcoin ETFs were slightly positive for three weeks last month, but underlying sentiment remained fragile.
Following the recent hack of Coldcard-branded offline wallets manufactured by Toronto-based Coinkite Inc., some investors saw more reason to access Bitcoin through more traditional assets. A vulnerability that made Coldcard key generation predictable has undermined trust in a wallet type considered one of the most secure ways to store cryptocurrency.
Bitcoin's price remained virtually unchanged last week, remaining in a narrow range of around 2%. By 9:16 AM Moscow time, the coin was hovering around $63,600.
Technical Picture
Bitcoin broke out of consolidation and headed toward the upper boundary of its range, but encountered resistance near the 61.8% Fibonacci retracement level ($63,711) and the upper Bollinger Band. The Money Flow Index (MFI) reached 100—the maximum overbought level, limiting upside without a correction. However, the trend remains formally bullish: the price is above all key moving averages, and the SuperTrend is rising with dynamic support at $63,241. However, recent candlesticks show long upper shadows, a sign of profit-taking. Key Levels
Support: $63,200–63,300 (convergence of VWAP, SMA20, and SuperTrend). Resistance: $63,493 (50% Fibonacci) – broken, but breakout not yet confirmed; $63,711 (61.8% Fibonacci – key level for continuation or reversal).
The $63,400–63,600 zone remains an area of uncertainty with increased risk.
Conclusion
Bitcoin has hit a ceiling at $63,700 with extreme overbought levels according to the MFI. The trend remains bullish in structure, but oscillators are warning of a correction. A breakout and consolidation above $63,711 will open the way to $64,000 and $64,420. A pullback to the $63,200–63,300 zone will be a test for the bulls – holding this support will preserve the uptrend, while a loss will increase selling pressure towards $62,928 and $62,566. In a market where ETF outflows are dampening sentiment and overbought conditions are limiting gains, risk management discipline remains key.