#Crypto Market Rebound#  Bitcoin investors are on the defensive as a 15-day ETF inflow streak ends.

Over $342.2 million in ETF outflows and weakening futures activity on Tuesday suggest investors are taking more cautious positions.

Bitcoin investors are eyeing the $106,500 support and strong resistance at $109,000.

Bitcoin (BTC) is stuck in a $4,000 range amid muted market action and a return to spot BTC ETF outflows. This suggests investors are now taking a more defensive approach.

US Bitcoin ETFs end 15-day inflow streak

According to the data, over $4.7 billion inflows were made into US-based spot Bitcoin exchange-traded funds (ETFs) between June 9 and Monday.

But investors halted the flow on Tuesday with an outflow of $342.2 million as Bitcoin price hovered around $106,000.

The outflows came from four funds. $172.7 million, $119.5 million, $27 million and $23 million.

Bitcoin profit-taking makes $140,000 key price point

Meanwhile, leveraged ETFs saw modest activity throughout the week. Small outflows have been seen in succession since Thursday. There has been no significant flow in leveraged products recently, indicating low risk appetite among investors.

The analyst noted that along with the negative ETF flows, “limited leveraged ETF flows suggest low leverage and modest returns,” adding:

“These suggest that the risk of leverage-driven sudden market squeezes is limited.”

Muted crypto futures activity

The crypto futures market has seen subdued activity over the past week, data showed. Annualized premiums on  BTC futures fell to a 21-month low of 3.9% on Tuesday.

He also emphasized that there have been no significant changes in CME’s crypto futures over the past week. On Monday, the annualized premium for BTC CME futures fell to an 8-day low of 6.5%, suggesting that institutional interest or confidence in a near-term BTC price rally is waning.

This reflects “defensive attitudes among investors” and “continued reluctance to take new long positions,” which is why continuous transactions remain below the spot price.

According to the data, Bitcoin’s open interest has fallen by 35,560 BTC over the past week to around 650,000 BTC at the time of writing. This remains well below the peak of 733,330 BTC in May.

The Singapore-based investment firm noted that there was a slight increase in BTC risk-offs in the options market over the past 24 hours, but implied volatility remains near all-time lows.

The company said in a social media note to investors on Wednesday:

“Underlying rates and yields continue to reflect weak local market sentiment. Most positions are now in favor of accumulation and sideways movement.”

Investors expect Bitcoin price to breakout

Many Bitcoin investors are taking a more cautious stance as BTC has continued to fluctuate between $105,000 and $108,800 since June 25.

The Bitcoin analyst noted that he is focusing on key levels in this range to see where BTC will move next.

“All eyes on $106,500,” the analyst said in a post on Wednesday, adding that if the price regains that level, there could be a “bigger bounce.”

The chart he shared showed significant resistance above $109,000. If this level is broken, Bitcoin could enter price discovery.

“A break of $109K and a four-hour close could bring ATHs back into focus.”

Warned that if Bitcoin price breaks the lower end of this range and drops below $104,000, a deeper correction could take BTC below $100,000.



“BTC’s current consolidation is a classic sideways movement that we usually see at the beginning of a new month and quarter. The price will then determine its direction,” another analyst, Daan said, adding:



“Give it some time for developments to mature and follow the confirmation signals.”



BTC could continue to consolidate in the current range for a few more days. New demand needs to come into play for the upward movement.