Bitcoin Holds Near $64.7K After Hawkish Fed; Buyers Absent

Bitcoin traded around $64,700 after the Federal Reserve chair delivered a hawkish opening, leaving the token about 13% lower over the past month and roughly 50% below its October peak of $126,080.

James Butterfill, head of research at CoinShares, called Bitcoin “more resilient than anticipated” following the Fed reset and highlighted that the token fell less than major equity benchmarks on the speech. CoinShares’ data showed digital-asset exchange-traded product outflows slowed to about $149 million across issuers.

Tim Sun, senior researcher at HashKey, described recent selling as nearly exhausted rather than the start of new demand. He said a sustained upward trend would likely require a return of risk appetite and lower long-term Treasury yields, and that ETF flows, oil prices and long-end rates will influence direction.

Dean Chen of Bitunix pointed to U.S. fund flows showing roughly $90.7 million of outflows on June 18 and about $4 billion in outflows over the past month, with the weekly pace cooling to a few hundred million. Chen referenced a derivatives liquidation map showing about $1.3 billion of long liquidations clustered near $61,900 and roughly $870 million of short liquidations near $64,800, noting the price did not fall into that area and that the market is trading inside a range.

Stephen Wundke of Algoz Technologies flagged a U.S. Clarity Act vote targeted for July 4 as a potential market event and said U.S. inflation may only begin to cool two to three months after a truce with Iran affects energy markets. He noted ETF demand shifted from more than $20 billion of inflows in 2025 to $3.2 billion of outflows so far in 2026, with Bitcoin down about 26% year-to-date and a basket of major tokens off nearly 50%.

On-chain activity shows some holders choosing to borrow against their coins instead of selling. Chainflip reported $239 million in swap volume over the past 90 days, and Peter Smedas, the protocol’s marketing lead, said conference discussions emphasized a preference for liquidity against BTC positions rather than exits.

A near-term event that could move prices is a $10.9 billion Bitcoin options expiry on Friday. The prediction market Myriad places the probability of a drop to $55,000 at about 70%, up five percentage points from the previous week.

Bitcoin remains near $64,700 and about half below its October high. Recent data show slower ETP outflows, concentrated derivatives liquidations and continued neutral positioning by large participants, leaving the market range-bound while traders watch flows, options expiries and macro indicators for direction.