Bitcoin’s historic July strength meets its biggest test in 3 years

Key Points

1. Bitcoin has historically never lost more than 10% in July, but current trends show rising sell-side pressure with $2.4B in realized profits and $342M in ETF outflows.

2. Spot Bitcoin ETFs reversed a 4-week inflow streak, recording $342.2M in net outflows on July 1st, aligning with BTC's 1.33% pullback.

3. Realized profits on the Bitcoin network surged to $2.4B on June 30th, the highest daily profit-taking spike in nearly a year, indicating profit-taking rather than conviction.

4. Despite a 16.8% gain in July after a 37.3% drop in June, Bitcoin's performance is under scrutiny due to macroeconomic factors like sticky inflation above the Fed's 2% target.

5. The article questions whether Bitcoin's July strength will continue or if it marks the start of a descent, given current market data and macroeconomic conditions.