Bitcoin holds its range as real yields slip and ETF desks resume buying
Spot volumes were thin through the London session, but a second day of net ETF inflows kept the market bid into the US open.
Bitcoin spent Thursday morning pinned inside a narrowing range, with dealers reporting the thinnest London-session volumes in three weeks. The move that mattered happened in rates: ten-year real yields slipped, and risk desks re-engaged.
What is actually driving the bid
Two sessions of net inflows into US spot products have absorbed most of the supply that miners and long-dormant wallets pushed onto exchanges last week. That flow is mechanical, not sentimental — it arrives at the close, and it does not care about narrative.
Perpetual funding remains close to neutral, which tells you leverage is not the marginal buyer here. Options desks are still selling upside calls into strength, capping rallies faster than spot demand can clear them.
The level traders are watching
Below the current range sits a shelf of resting bids that has held twice this month. A close beneath it would force a re-mark of the entire quarter's trend structure. Above, the market has to clear a heavy band of short-dated call strikes before momentum funds re-enter.
For now the honest read is a market waiting on macro, not on crypto.