Bitcoin's July gains may be fleeting as U.S. demand stays weak

Crypto Daybook Americas Bitcoin's July gains may be fleeting as U.S. demand stays weak Your day-ahead look for July 7, 2026 By Omkar Godbole | Edited by Sheldon Reback Jul 7, 2026, 11:26 a.m. 3 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on U.S. bitcoin demand remains weak. (Asa E K/Unsplash) Summary Show This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here , if you haven't already. Bitcoin BTC $ 63,139.66 fell on Tuesday after chalking out a six-day winning streak, the longest since March. The gains, in any case, looked fragile when viewed through the lens of several indicators. The most widely followed is the Coinbase Premium, which tracks the difference between bitcoin's price on U.S.-based exchange Coinbase (COIN) and Binance. It has now been negative for fifty straight days, according to data source Coinglass. That means for close to two months, BTC has been cheaper on Coinbase than Binance, which doesn't operate in the U.S. The discrepancy is an indicator of relatively weak demand in the world's largest economy, a message underscored by the eight straight weeks of net outflows from U.S. spot exchange-traded funds. Historically, bull runs have featured consistently positive Coinbase Premiums. Another concerning trend is seen in Japan, where bond yields just can't stop rising. The 10-year rose to a 30-year high early today, lifting borrowing costs in the U.S., U.K. and Germany. A continued upswing, particularly in Treasury yields, could create a headwind for BTC. While seasonality supports continued recovery, it's the ETF flows that matter the most, according to analysts. "Until [BlackRock's ETF] IBIT itself flips back to sustained inflows, the structural institutional bid remains unproven," analysts at crypto exchange Bitfinex said in a report shared with CoinDesk. Singapore-based crypto trading firm QCP Capital said that "the near-term backdrop appears constructive, particularly if spot BTC ETFs continue to see inflows after Friday’s, which marked a welcome shift following more than a week of persistent outflows." It added that a decisive reclaim of the $64,000 price level this week would provide a further boost to market sentiment, while helping ease concerns about the publicly traded bitcoin-holder Strategy (MSTR). Stay alert! Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk's " Crypto Week Ahead ." What’s trending BONK faces $20 million treasury drain after attacker spends $4 million to pass malicious proposal (CoinDesk): BONK DAO was drained of $20 million, the culmination of a week-long scheme in which an attacker spent about $4.4 million buying up the project's tokens to force through a vote. Oil prices rise after report of Iranian attack on commercial ships in Strait of Hormuz (CNBC): Oil prices rose just over 1% on Tuesday following a report that Iran fired missiles at two commercial ships in the Strait of Hormuz. Bitcoin's recent macro relief faces a challenge from Japanese interest rates (CoinDesk): The 10-year Japanese government bond yield surged to a 30-year high of 2.85%, challenging the 8% boost bitcoin received in fewer than seven days from shifting interest-rate expectations. Wall Street warms to SpaceX ahead of Nasdaq 100 index inclusion (Reuters) : SpaceX's (SPCX) ​addition to the Nasdaq 100 is expected to unleash billions in passive buying, as brokerages kick off coverage with bullish views. The company's shares are down 1.2% in premarket trading. Today’s signal Combined market cap of USDT and USDC. (TradingView) The combined market cap of the top two dollar‑pegged stablecoins, USDT and USDC, has declined to $257 billion from $268 billion over the past two months, even as their dominance, their share of the total crypto market cap, has held largely steady. This pattern suggests net capital outflows from the crypto market. Investors are selling crypto into stablecoins, and, on balance, those stablecoin positions are being redeemed or rotated out of the onchain ecosystem rather than recycled back into risk assets. Crypto Daybook Americas Related Assets Bitcoin $ 63,139.66 1.09 % Latest Crypto News 1 Bitcoin stalls as open interest decline raises questions about rally's staying power 43 minutes ago 2 Binance taps into Bitcoin holders’ hunger for yield with new covered call yield play 3 hours ago 3 Bitcoin's recent macro relief faces a challenge from Japanese interest rates 3 hours ago 4 Live markets: Bitcoin and ether ETFs drew inflows on Monday 4 hours ago 5 BONK faces $20 million treasury drain after attacker spends $4 million to pass malicious proposal 5 hours ago 6 XRP stalls near $1.14 as breakout attempt struggles for volume 6 hours ago 7 Bitcoin drops after a run at $64,000, shrugging off Strategy's $213 million BTC sale 6 hours ago 8 Bitcoin's U.S. reserve still a work-in-progress as federal agencies hash it out 13 hours ago 9 Circle’s USDC is leaving Tether behind in the stablecoin volume race, new data from Visa shows 19 hours ago 10 Strategy selling hundreds of millions worth of bitcoin raises question about its capital-allocation playbook 19 hours ago Latest Research Building the Zcash Machine: Tachyon and Quantum Readiness Building the Zcash Machine: Tachyon and Quantum Readiness Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold. By CoinDesk Research Jun 30, 2026 Commissioned by GenZcash Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold. Why it matters : Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold. View Full Report More From Crypto Daybook Americas U.S. inflation outlook underpins bitcoin bulls after best week since March Bitcoin, ether traders aren't fully buying the bounce, options markets show Warsh's comments set the stage for U.S. jobs data to ignite bitcoin, gold rally More From Bitcoin Bitcoin stalls as open interest decline raises questions about rally's staying power Binance taps into Bitcoin holders’ hunger for yield with new covered call yield play Bitcoin's recent macro relief faces a challenge from Japanese interest rates