Live updates: Traders say bitcoin sell-off from $65,000 points to thin volume, not panic selling
Bitcoin prices have struggled to reclaim the $65,000 level, with market analysts attributing the stagnation to low trading volumes and a pause in institutional buying. Additionally, a security flaw in Coldcard wallets led to significant losses, prompting some users to move assets back to centralized exchanges.
Why it matters
The analysis provides insight into current cryptocurrency market sentiment and the ongoing risks associated with self-custody security vulnerabilities.
Bitcoin closed the week near $62,600 after failing to reclaim $65,000, and Yusuf Fakhro, a partner at Bahrain-based ARP Digital, reads that through the market's plumbing rather than the Fed headline that nudged it lower. The ETF bid that powered July's recovery has stalled, flipping to net outflows of nearly 4,000 BTC on the week after a run of steady inflows.
The rest of the tape has gone quiet to the point of dormancy. July logged the lowest average daily spot volume since November 2023. CME open interest sits at 2023 levels. Perpetual-futures positioning has stalled near 300,000 BTC.
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