BTC today once fell to around $63,400, with a 24-hour drop of about 2%-3%, reaching its lowest level in nearly 10 days. After BTC rebounded from above $65,000 earlier, it was hit again by changes in macro expectations and market risk appetite.

In terms of capital flows, there has been some differentiation in spot BTC ETF flows recently.
Since mid-July, ETF flows had recorded net inflows for multiple consecutive weeks, but in the second half of last week there was about a $465 million net outflow, ending the prior streak of continuous inflows. Overall, institutional demand has improved compared with May and June, but the capital strength is still not sufficient to support a fast breakout.

Current market’s key contradiction:
Prices pull back, but institutional capital has not fully exited; capital repair is ongoing, but upside momentum is insufficient.
If BTC can hold the $63,000 area and then reclaim above $65,000, there is still potential for a market structure repair.
If BTC breaks below $63,000, it will be important to watch whether the prior rebound was only a technical correction.