Bitcoin pushed above $66,000 on Tuesday, touching $66,277 before settling — a 3.3% gain from the previous close. The move came as U.S. spot Bitcoin ETFs logged five straight sessions of net inflows, pulling in about $727 million over the period. That's the longest streak since early May, and it marks a clear shift after eight weeks of combined outflows from Bitcoin and Ether funds totaling roughly $9.46 billion.
Liquidations and exchange outflows
The rally liquidated 78,126 traders over 24 hours, with total liquidations hitting about $260.3 million. At the same time, roughly $686 million worth of Bitcoin left major exchanges — Binance, Bybit, Coinbase, and HTX — on July 20. Binance alone accounted for about $570 million of that, its largest daily net outflow since April.
Still, CryptoQuant analyst Axel Adler cautioned that the one-day withdrawal doesn't yet prove sustained accumulation. Bitcoin's 30-day exchange net-flow indicator remains near its baseline, with a slight bias toward inflows. Stablecoin net flows on the same 30-day moving average have stayed negative and recently dropped below -$100 million, meaning dollar-pegged tokens are leaving exchanges faster than they're arriving.
Profitability returning
BTC's 30-day market-value-to-realized-value ratio has moved back above zero, a sign that wallets which accumulated during the dip are now back in profit. That's a positive signal, but the rally's durability depends on whether the current ETF inflow streak develops into materially stronger and more persistent demand.
The next test for Bitcoin is whether the ETF flows can hold — or accelerate — past the five-day mark. If the streak falters and withdrawals resume, the recent price bump could unwind quickly. The stablecoin outflow data adds another layer: if dollar tokens keep draining from exchanges, it could sap buying power. For now, the market is watching whether the $570 million Binance outflow was a one-off or the start of a trend.
