U.S. spot Bitcoin (CRYPTO: BTC) ETFs pulled in $273 million over the past two weeks, ending an eight-week outflow streak, but the total barely covers the quietest single week of the sell-off it followed.

Why $273 Million In Inflows Is Not The Recovery It Looks Like

U.S. spot Bitcoin ETFs attracted $197.4 million in the week ended July 10 and $75.67 million the following week, according to SoSoValue data, breaking an eight-week streak that pulled over $8 billion from these funds.

The two-week total of $273 million is barely more than the smallest single-week outflow during that stretch, which was $226.84 million in the week ended June 18. 

The worst single week saw $1.79 billion leave in the week ending June 26. Two full weeks of fresh capital covered the quietest week of the recent sell-off and nothing more.

Bitcoin Rally Lacks Spot Demand As Derivatives Take Control

CryptoQuant analyst ScenarioX said derivatives are driving the current rebound, not spot buyers. 

“Derivatives-driven momentum may continue to fuel a technical rebound for a while,” ScenarioX wrote on X. 

“However, the rally without meaningful spot demand is likely to end in a significant long liquidation event,” he added.

Moreover, the Fear and Greed Index sitting at 29 reinforces that reading, according to data shared by crypto tracker BTC Live on X. 

Fear-driven markets carry reflexive selling risk the moment leverage gets tested, with overleveraged longs getting flushed and the bid disappearing quickly behind them.

Bitcoin Price Tests Key Breakout Zone Near $65,700

Bitcoin is grinding inside a tight Fibonacci cluster that has defined the entire post-June range. 

Price is coiling between the 0.618 retracement at $63,575 and the 0.786 level at $65,191, compressing before a directional move.

Meanwhile, the Supertrend remains bearish at $65,727, sitting just above the current price and aligning with the 0.786 Fibonacci level. 

That confluence makes $65,191 to $65,727 the key breakout zone bulls need to clear cleanly.

The 20-day SMA sits above the 50-day SMA, a short-term constructive tilt, but the death cross from November 2025 keeps the bigger picture in repair mode rather than a confirmed bull run.

Key levels for Bitcoin:

• $65,191 to $65,727 — breakout zone where Supertrend and Fibonacci resistance converge
• $67,250 — first upside target on a confirmed breakout
• $63,575 — 0.618 Fibonacci support below current price
• $61,303 — downside target on a failure to hold support

Photo via Shutterstock