Bitcoin Purchases Increase, Market Fear Continues

Bitcoin experienced a week of improved buying pressure and spot ETF inflows. On July 15, there was a net purchase of $925 million for Bitcoin. On the same day, net inflows of $107.7 million were recorded for spot Bitcoin ETFs. On July 14, an inflow of $181 million was observed. Funding rates fluctuated between 0.10% and 0.22%, eventually dropping to 0.048%. Open positions saw a decline of 3.4%, while the loss in Bitcoin's price was limited to 1.5%. The Fear and Greed Index stands at 26. Despite positive data, the market is not showing a clear trend change. The renewed conflict between the U.S. and Iran, the rise of oil prices above $85, and the likelihood of a Fed interest rate hike remaining above 44% contribute to a cautious outlook. Spot Bitcoin ETF flows are still in negative territory for the year.