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Bitcoin traded around $65,300 in late July, moving within a tight range after plunging to a nearly two-year low earlier this month, as improving sentiment across risk assets was offset by softening ETF demand. The US and Iran extended a pause in retaliatory strikes, easing some concerns over deeper disruptions to regional energy supplies following the recent escalation in tensions. Still, gains were capped by significant outflows from US-listed Bitcoin ETFs, which recorded more than $465 million in net outflows on July 23 and July 24, ending a seven-session inflow streak as investors grew concerned that the Federal Reserve could keep rates elevated for longer. However, the selling pressure was not enough to erase weekly gains, with ETFs posting $33.8 million in net inflows over the period. Meanwhile, markets are tracking developments around the Clarity Act, a long-awaited US cryptocurrency market-structure bill, as negotiations stalled over ethics provisions.

Bitcoin climbed toward $66,000 in late July, reaching its highest level in five weeks, as renewed inflows into US-listed spot Bitcoin ETFs signaled improving institutional sentiment despite heightened geopolitical risks. The 13 spot Bitcoin ETFs recorded net inflows of $75.7 million last week, marking a second consecutive week of gains after nearly two months of persistent outflows and reinforcing hopes that the cryptocurrency may be finding a floor. The increase came even as renewed US-Iran hostilities fueled inflation concerns, reinforcing expectations that the Federal Reserve could keep interest rates higher for longer. Meanwhile, investors looked ahead to potential regulatory support from the proposed US Clarity Act, while Strategy's continued pause in Bitcoin purchases and focus on preserving liquidity tempered broader optimism.

Bitcoin fell toward $62,000 in mid-July, giving back part of its earlier-month rebound as escalating tensions between the US and Iran dampened risk sentiment. The US and Iran exchanged strikes over the weekend, pushing Brent crude above $79 per barrel and raising fears of supply disruptions through the Strait of Hormuz, reigniting inflation concerns. At the same time, investors remained cautious ahead of this week's US consumer inflation report and testimony from Federal Reserve Chairman Kevin Warsh, as a stronger-than-expected CPI reading could reinforce expectations of further Fed tightening. Still, the decline was partly offset by institutional buying, with US-listed spot Bitcoin ETFs recording net inflows of $197.4 million last week, ending a nine-week streak of outflows.