BTC fell below 63,000: ETF had a net outflow of 470 million in three days, and liquidity depletion looming

According to Woofun AI, the price of Bitcoin fell back to around $63,350 on July 28 and is playing a key game with the 50-day simple moving average ($63,275).

On the technical side, the strong breakout trend indicated in the July 27 analysis report failed because it failed to reach $67,370. The current market focus is on the support range of $63,300 to $63,600. If this line of defense is stable, BTC is expected to rise above $65,000; conversely, if the daily closing confirms a fall below the moving average, the bearish trend will continue, and $62,000 will face an immediate threat.

The financial pressure is mainly due to the continued withdrawal of US Bitcoin spot ETFs. Net outflows of US$2251.8 million, US$240.8 million and US$11.64 million were recorded on July 23, 24 and 27, respectively, for a total of US$476.9 million over the three days.

This figure is in stark contrast to the previous week's moderate net inflow of $33.79 million, showing that the early buying momentum has subsided as BTC struggled to stabilize at $65,000. Data compiled by Woofun AI showed that despite weak short-term demand, the supply side of the chain showed a tight trend.

The CryptoQuant report revealed structural changes over the past six months: exchange holdings fell from 2.783,000 to 2.755 million, a decrease of approximately 78,000 units. Holders' transfer of assets to self-escrow accounts led to a decline in tradable liquidity. Although this imbalance between supply and demand did not resolve short-term selling pressure, once buying returns, scarce spot supply may cause more severe price fluctuations.