Bitcoin Drops to $63K Support as Institutional Flows Dry Up

According to Bitfinex analysis, Bitcoin dropped to $63,346 on July 28, down 3.21% intraday as the cryptocurrency market entered a phase of low liquidity and heightened macro sensitivity. Institutional activity has reached multi-year lows: CME Bitcoin futures open interest fell below $6 billion for the first time since February 2024, while U.S. spot Bitcoin ETF flows recorded a net outflow of $11.64 million yesterday, marking the third consecutive session of redemptions.

The global cryptocurrency market capitalization declined 2.78% to $2.17 trillion on the session. Ethereum fell 4.74% to $1,879 but attracted $9.23 million in spot ETF net inflows, while Binance Coin retreated 1.91% to $564. Rising U.S. diesel prices and elevated real Treasury yields present growing macro headwinds ahead of the Federal Reserve's July meeting.