Bitcoin’s July Rally May Prove Fleeting as U.S. Demand Stays Weak

Whether bitcoin’s latest rebound can continue hinges on U.S. spot buying and institutional capital. The Coinbase premium measures the price difference between U.S. exchange Coinbase and Binance and is typically positive during bull markets. Coinglass data show the premium has remained negative for an extended period, while BlackRock’s IBIT has yet to resume sustained inflows, indicating that structural demand in the world’s largest economy remains insufficient.

CoinDesk reported on July 7, 2026, that bitcoin had ended its longest winning streak since March after six consecutive daily gains, falling to about $64,674 on Tuesday. The Coinbase premium had been negative for 50 straight days, while U.S. spot bitcoin ETFs had recorded net outflows for eight consecutive weeks. Over the same period, the combined market capitalization of USDT and USDC fell from $268 billion to $257 billion in two months, reflecting continued capital flight from the crypto market.