Bitcoin stalls as open interest decline raises questions about rally’s staying power
BTC retreated from a two-week high of $64,500 as falling open interest and weak spot demand cast doubt on the sustainability of July’s 8.4% advance.
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Summary
- Bitcoin retreated from a two-week high of $64,500 as falling open interest, weak ETF flows and a negative Coinbase premium raise doubts about whether the advance has legs.
- Shorts were again targeted, with over $500 million in leveraged positions wiped out in 24 hours, confirming that July’s gains are largely driven by the short-squeeze setup identified in late June rather than fresh bullish conviction.
- The altcoin market continues to fragment, with ETHFI and LIT up more than 30% over the past week while FET, KASPA and WLD posted losses, a dynamic that CoinMarketCap’s Altcoin Season indicator only partially captures.
