Bitcoin Continues Limited Movement Around $64,000

Bitcoin (BTC) is trading around $64,000, showing a 'decoupling' trend from the global stock market. As of the 5th, Bitcoin has risen by 0.16% compared to the previous day, maintaining its position above the $64,000 mark, while the MSCI World Index has increased by 0.4%, nearing its all-time high. However, the crypto market is showing a lack of clear direction, with the CoinDesk 20 index remaining flat. In the first half of this year, there was a net outflow of approximately $5.4 billion from U.S. Bitcoin spot ETFs, attributed to funds shifting towards AI-related assets. DWF Labs analyzed that the capital allocation towards AI has reduced the attractiveness of crypto investments. In the derivatives market, short positions maintain a bearish advantage at 51%, while Bitcoin and Ethereum (ETH) futures trading remains stagnant. Although some altcoins are seeing an increase in long positions, Stellar Lumens (XLM) is experiencing a decline in bets. The market capitalization of Tether (USDT) has decreased by about $4 billion over the past 60 days, signaling capital outflow. This is interpreted as a 'sell pressure exhaustion phase,' but it is too early to confirm a rebound signal. The direction of capital flow is expected to determine the future trends of the crypto market.

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