Bitcoin broke through the $63,000 level: weak demand and ETF outflows weigh on the market
On August 14, the leading cryptocurrency came under pressure again, falling below the $63,000 mark. This shift pushed the asset back to the lows seen in early August, signaling that bearish sentiment persists in the market.
At the time of analysis, BTC is trading around $62,600, showing a daily decline of 1.5%. Notably, Ethereum is demonstrating relative resilience, with its price nearly unchanged and holding around $1,860. This divergence between the flagship and the main altcoin indicates that the pressure is focused specifically on Bitcoin.
ETF outflows intensify the correction
A key factor behind the weakness is data on spot Bitcoin ETFs, which recorded a two-day streak of outflows for the first time since late July. On August 12 and 13, investors withdrew a total of $192 million. This is a signal that cannot be ignored: institutional players, who previously acted as a growth driver, are now preferring to lock in profits or reduce risks.
The stock market is rising, but Bitcoin is not
The divergence from traditional markets is striking. Stock indices received support from positive producer price index data, which fell to 4.7% — below analyst forecasts. However, the crypto market ignored this macroeconomic positive, highlighting structural problems within the sector itself.
Interestingly, open interest in Bitcoin on Binance has continued to grow since early July and stands at $27.09 billion. This creates a dangerous imbalance: weak spot demand is combined with high leveraged positions. As experts at XWIN Japan rightly note, when positive news fails to drive growth, borrowed orders begin to close, amplifying the downward movement.
Risks remain
Additional pressure comes from the potential supply overhang in the short-term holder cost basis zone around $68,700. This means that growth above this level will be difficult without a significant influx of liquidity.
My view: The current situation resembles a classic consolidation phase before a deeper correction. The lack of reaction to positive macro news is a worrying signal. If ETF outflows continue, I do not rule out a move toward the $58,500 zone, which Glassnode analysts warned about. Investors should be cautious and avoid excessive leverage under current conditions.