Key Takeaways:
- Morgan Stanley's Bitcoin Trust crossed $400 million in cumulative inflows
- Miner transfers to exchanges fell to 968 BTC, the lowest monthly reading
- BTC must clear $65,700 to confirm bullish momentum toward $65K
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Morgan Stanley's $400M Bitcoin inflows test BTC's $65K resistance
Morgan Stanley's $400 million Bitcoin bet and easing miner selling pressure set the stage for BTC's attempt at $65,000.
Bitcoin traded at $64,910 as Morgan Stanley's Bitcoin Trust crossed $400 million in cumulative inflows, testing the $65,000 resistance level.
"The combination of institutional inflows and reduced miner selling creates a supply-demand imbalance that favors upward price movement," Nina Volkov, crypto macro analyst at Edgen, said.
Miner transfers to exchanges fell to 968 Bitcoin in July, the lowest monthly reading in the observed period, according to CryptoQuant data. U.S. spot Bitcoin ETFs have accumulated $51.83 billion in net inflows since launch, though daily flows remain uneven — the funds registered roughly $240 million in outflows on July 24.
A confirmed break above $65,700 would shift momentum back to bulls, while a failure to clear that level could send prices toward $63,000, market analyst That Martini Guy said on X. Bitcoin's MVRV Z-Score stood at 0.39, suggesting the asset traded close to its realized value — a level that has historically preceded accumulation periods.
The institutional demand signal from Morgan Stanley arrives as broader risk assets face pressure from escalating geopolitical tensions. The S&P 500 fell 1.2 percent and the Nasdaq dropped 2.2 percent on July 24 as Brent crude climbed past $100 a barrel for the first time since early June, driven by rising conflict involving Iran.
Federal Reserve rate expectations have shifted sharply alongside the macro uncertainty. July hike odds jumped from roughly 12 percent a week earlier to near 40 percent, with bond yields hitting 18-month highs, according to CME FedWatch data.
Bitcoin's technical setup shows the $65,000 level as a critical resistance zone that flipped from support during May's decline. The largest concentration of unfilled market imbalances sits above $65,000, placing that level firmly on traders' radar. Bitcoin's Stochastic RSI stood at 31, approaching the conventional oversold region below 20, though an oversold reading alone would not confirm a reversal.
The Grayscale Bitcoin Mini Trust, with its 0.15 percent expense ratio — the lowest among spot Bitcoin ETFs — has attracted over $600 million in year-to-date inflows, outperforming peers including BlackRock's iShares Bitcoin Trust, which shifted to net outflows on a year-to-date basis.
This article is for informational purposes only and does not constitute investment advice.
