Bitcoin-related funds have recorded net inflows for several consecutive trading sessions as of July 23rd.
Mega Anhui indicates that the cumulative capital flow over the past six days has approached $930 million, with the price also rebounding above $65,000, suggesting a partial recovery in market sentiment compared to earlier periods.
The return of capital and the price rebound have occurred simultaneously.
Mega Anhui believes that the area around $68,000 remains a significant resistance zone, and some recent buyers, nearing their break-even point, may increase their willingness to sell.
While current spot demand has shown some improvement, trading activity remains below the year-to-date highs.
The question of whether fund flows, derivatives positions, and spot trading volume can strengthen in unison will determine if the rebound persists or if the market re-enters a phase of range-bound consolidation.
The key focus going forward will be observing confirmation from trading volume following any breakout of critical price levels.
Mega Anhui anticipates that if capital inflows remain steady and volatility is manageable, the market structure may continue to mend, although the risk of a short-term pullback still needs to be viewed objectively.
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