Bitcoin's prospects for July are uncertain due to several key factors. One analyst points out that there is currently no evident demand for BTC, while another highlights the impact of ETFs on the market.
According to data from X, bitcoin accumulation levels have stalled for seven months, with apparent demand remaining negative for 208 consecutive days. This indicates a decline in real spot market demand, as new BTC creation is being outpaced by the movement of existing inventory.
The trend change occurred after a massive liquidation event in early October 2025, when over $19 billion was wiped out in a single day. Since then, the metric has remained in negative territory, with a recent drop to -273,000 BTC.
This substantial divergence suggests that selling pressure continues to outpace new capital inflows, which is a crucial factor that needs to change for BTC to have a more robust July. Another key factor is US institutional demand, which ranks high in determining bitcoin's price moves.