Svmuu News Bitcoin rebounded above $61,000 on Thursday, recovering from the 21-month low it hit earlier this week, as the market showed signs of stabilization following significant volatility.The U.S. spot Bitcoin ETF recorded net outflows of approximately $296 million on July 1, continuing the trend of capital outflows; this followed outflows of about $4.5 billion in June alone, one of the worst months on record. Among these, the Grayscale Bitcoin Mini Trust ETF led with net inflows of $36.3 million for the day.
On-chain data shows that long-term holders have re-entered an accumulation phase after a prolonged distribution period, with buying activity increasing among addresses holding 100–1,000 BTC. Currently, approximately 10.83 million BTC are in a state of unrealized loss, exceeding the 9.22 million BTC in profit.Glassnode analyst Chris Beamish noted that increased buying activity on the Coinbase’s order book and stabilizing gamma positions among market makers indicate that structural support is forming, though the derivatives market remains cautious. The put/call ratio in the options market has risen to a one-year high, implied volatility has increased, and safe-haven demand has strengthened;Meanwhile, Hyperliquid’s long leveraged exposure has risen to a recent high, indicating diverging market sentiment.
In terms of price structure, Bitcoin briefly fell below $58,000 before repeatedly testing that support level; it currently remains below the key $68,000 Gamma Flip zone;The realized price of approximately $58,000 is viewed as a key structural support level. On the macro front, U.S. nonfarm payroll data fell short of expectations, pushing back market expectations for the path of interest rate cuts, while the crypto market as a whole remains in a phase of capital rotation and structural dynamics. (The Block)