Bitcoin Slides in Summer Lull — Market Talk

Bitcoin is down 0.6% to $63,160, keeping rangebound amid a summer lull in trading volume. Bitcoin's relationship to macroeconomic conditions is slowly changing, says James Butterfill of CoinShares in a note--with bitcoin slowly retaking its role as a risk asset. But Butterfill says it is hard to make a lot of smart assessments around bitcoin, because of low liquidity in trading. This includes bitcoin ETFs, which have had a mixed week in terms of inflows versus outflows, according to data from CoinGlass. "This week looks set to finish with modest outflows of around US$150M, following inflows last week," says Butterfill. "In the context of exceptionally thin summer trading, we do not view that as evidence of a meaningful reversal in sentiment." ([email protected])