CME Gap Filled, Price Struggles to Recover

Bitcoin (BTC) touched $107,500 in new November highs before reversing downward, filling the weekend gap in CME Group’s Bitcoin futures at $104,000. According to Cointelegraph Markets Pro and TradingView, this level acted as a key resistance that bulls could not overcome.

Trader Daan Crypto Trades noted on X that CME gaps have remained highly predictable targets for BTC price over the past 4–5 years. Despite this, whale selling prevented a swift recovery.

$240M Whale Sell-Off Affects BTC Price

Analysis from Material Indicators revealed that whales sold around $104,000 for a total of $240 million. Skew highlighted that this triggered renewed short interest. Market participants are now focusing on support levels below $100,000 as the price struggles to recover.

These moves show how short-term volatility can spike despite the predictability of CME gap fills, reminding investors of sudden market swings.

Derivatives Traders Reduce Risk, See Buying Opportunity

CryptoQuant’s “Quicktake” report highlighted an 11% decline in open interest (OI) over the past week, indicating a risk-off approach among derivatives traders. Historically, such deleveraging often precedes price recovery.

Contributor GugaOnChain said this consolidation signals a strong buying opportunity for long-term investors. Short-term volatility may continue, but BTC seems to be stabilizing on a firmer base, potentially paving the way for a subsequent rally.

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Institutional Investors Buying the Dip

Recent inflows into spot Bitcoin ETFs suggest that major players are capitalizing on the market decline to accumulate BTC. While Grayscale’s spot Bitcoin ETF (GBTC) experienced a $28 million outflow, other ETFs saw significant inflows, reflecting institutional investor confidence.

According to recent data, Fidelity’s spot Bitcoin ETF (FBTC) led the way with $117 million in inflows on July 5th, followed by Bitwise’s spot Bitcoin ETF (BITB) with $30 million.

Bitwise Asset Management CEO Hunter Horsley revealed that his team managed to efficiently purchase BTC at a cost of less than half a basis point. Inflows into BITB surpassed $66 million in the first week of July, increasing total BTC holdings to over 38,000. Horsley emphasized Bitcoin’s strong outlook and viewed the current market dip as an excellent buying opportunity for both new and existing investors.

Analyst Perspectives on Market Dynamics

Despite the market turbulence, renowned Bitcoin skeptic Peter Schiff noted that spot Bitcoin ETF investors were not showing signs of panic. Schiff pointed out that trading activity indicated these investors were holding their positions firmly despite the ongoing volatility. Schiff believes a more substantial decline in the price of the largest cryptocurrency would be necessary for these investors to capitulate.

Schiff predicted that the capitulation of spot Bitcoin ETF holders could occur as early as next week, potentially this weekend if another significant sell-off materializes.

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The post Bitcoin ETF Inflows Surge as Institutional Investors Buy the Dip appeared first on Coin Engineer.