Bitcoin slides toward $62,000: Asian rally fails to hold the market
Over the past 24 hours, the leading cryptocurrency showed noticeable weakness, losing about 1% and falling to the $64,000 mark. However, after the opening of US stock markets, pressure intensified, and the asset corrected to $62,500, increasing the daily decline to 2.5%. At the time of data recording, BTC is trading around $63,800, demonstrating volatility typical of a phase of uncertainty.
Asia recovers, but the crypto market ignores the momentum
Notably, digital assets barely reacted to the strong recovery in Asian markets. South Korea's Kospi index surged 17% on July 31 after a two-day crash, during which it lost more than 40% from June peaks. Technology giant stocks also showed impressive performance: SK Hynix soared 22%, Samsung shares gained 5%, and Taiwan Semiconductor rose 7%. Nevertheless, this positive backdrop failed to reverse bearish sentiment in the crypto sector.
The rest of the market is seeing a lull with a slight correction bias. Over the past seven days, HYPE lost 6%, Solana and XRP each fell 2%, while Ethereum remained virtually unchanged in price. Such selective dynamics point to the absence of a single growth driver.
Pressure factors and institutional interest
Corporate news added additional pressure to the market. Strategy's quarterly report confirmed the company's plans to continue selling bitcoin, which added uncertainty. Additionally, reports of the theft of 594.48 BTC from Coldcard hardware wallets heightened concerns about the security of asset storage.
Despite the negativity, institutional investors continue to build positions. According to my data, on July 30, US spot bitcoin ETFs attracted $233.1 million, bringing the weekly result back into positive territory. Net inflows over the last four trading days totaled $203.84 million. The main contribution came from BlackRock's IBIT fund with $183.4 million, while Bitwise BITB and Fidelity FBTC added $20.7 million and $15.5 million, respectively. At the same time, spot Ethereum ETFs attracted only $13.3 million, indicating significantly less interest in the second-largest cryptocurrency by market cap.
My comment: Current dynamics demonstrate a classic "sell the news" scenario amid high correlation with macroeconomic risks. However, sustained inflows into BTC ETFs, especially into the BlackRock fund, indicate that institutional players view the correction as an entry opportunity. In the short term, the key support level remains $62,000 — a break below it could open the path to a deeper decline, while a firm move above $65,000 would return the market to a bullish trend.