BlackRock transferred $271 million worth of BTC to Coinbase Prime, a move historically associated with upcoming sales. Bitcoin dropped 2.8% to around $63,524, with trading volume surging 72% to $28 billion. Spot Bitcoin ETFs recorded $476 million in net outflows over three consecutive days, with none of the 13 ETFs posting inflows. The Coinbase Premium Index remained negative throughout July, confirming institutional capital withdrawal. Technical indicators including ALMA at $64,270 suggest further downside risk, as Bitcoin trades below this level.
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