Bitcoin buyers have returned to spot, futures and ETF markets but geopolitical headwinds could quickly unravel the progress of the past two weeks.
Bitcoin (BTC) spent the week split across two scenarios. One highlighted improving onchain buying pressure and ETF inflows, while the other remained synced to sentiment gauges and news events that projected fear.
The spot and futures cumulative volume delta, a running tally of buy and sell orders, confirmed a $925 million net buying day for Bitcoin on July 15. This orderbook activity absorbed the entire post-CPI pullback in open interest and price rather than collapsing into it. Meanwhile, the spot Bitcoin ETFs added $107.7 million in net inflows on July 15, marking the second consecutive positive day following $181 million on July 14.
