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—UTCBTC—F&G—Threat —
← ArchiveDaily BriefingGenerated 06:00 UTC

Sunday, 2 August 2026 · No. 122

Exchange inflows continue as yield curve steepens without macro relief.

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The Lead

Bitcoin price holds steady near 63400 dollars on thin volume while nearly 1000 BTC moved onto exchanges in the last day, extending distribution pressure without triggering a break. Holders sit only modestly above cost basis at an MVRV of 1.19, yet the combination of fear sentiment and ongoing inflows shows limited willingness to absorb supply even in a quiet macro window. The steepening yield curve signals contained liquidity stress rather than resolution, leaving open whether this balance persists or tilts toward further selling once any incremental catalyst arrives.

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