Odaily Planet Daily reports that despite a net inflow of $211.5 million into spot Bitcoin ETFs on Tuesday, Bitcoin’s price remained largely flat, holding near $64,000. Analysts believe this movement reflects the market being compressed into a low-volatility state rather than signaling an imminent sharp decline.
On the same day, spot Ethereum ETFs recorded a net inflow of $53.8 million. On the macroeconomic front, the S&P 500 closed at a record high of 7,737 on August 4, the Nasdaq rose 2.6% driven by AI-related earnings reports, and Brent crude fell below $80 amid easing tensions in the Strait of Hormuz.
Wintermute OTC trader Jasper De Maere said that the entry of ETF buying into the market failed to push Bitcoin’s price higher, which itself is a key signal that marginal buyers in the spot market are not true one-directional bulls. He believes that for Bitcoin to sustain its recovery narrative, a clear breakout above $65,000 is needed in the short term.
Overall, analysts are interpreting the current Bitcoin price movement as a "boring base formation": there is no significant panic selling, nor strong upward momentum. ETF fund flows have provided support, but prices remain capped below key resistance levels, indicating the market is still awaiting clearer directional catalysts.