Institutional demand for Bitcoin [BTC] continued to draw attention after Morgan Stanley’s Bitcoin Trust surpassed $400 million in cumulative inflows.

At the same time, U.S. Spot Bitcoin ETFs recorded $51.83 billion in cumulative net inflows. However, those funds also saw about $240 million in daily outflows, indicating that short-term demand remained uneven.

The split between long-term cumulative inflows and daily withdrawals came as Bitcoin traded below the psychological $65,000 level. Spot ETF flows are closely watched because they offer regulated exposure to BTC through traditional brokerage and wealth-management channels, making them one of the clearer gauges of institutional participation.

That raised the question of whether institutional demand could provide enough support for BTC to recover.

On-chain indicators also suggested that the market may still have room for an upward move, although they did not provide confirmation on their own.

Are institutions still buying Bitcoin?

According to AMBCrypto’s analysis, Bitcoin’s MVRV Z-Score stood at 0.39. That reading indicated that BTC was trading relatively close to its Realized Value.

Historically, lower MVRV Z-Score levels have appeared near more favorable accumulation periods. Still, the metric by itself cannot confirm that Bitcoin has formed a market bottom.

Miner behavior also pointed to a possible easing of immediate sell pressure. Miner transfers to exchanges declined to 968 BTC, the lowest monthly reading during the observed period.

A lower level of transfers to exchanges can reduce near-term selling pressure and give incoming demand a larger influence on Bitcoin’s price action. However, weaker exchange transfers do not prove that miners have stopped selling through other venues.

Taken together, continued institutional inflows and reduced miner transfers could improve the conditions for a Bitcoin recovery, but neither factor guarantees a price rebound. The balance between ETF demand, miner distribution, and spot-market liquidity remains important because Bitcoin’s supply-side changes can affect how strongly new buying or selling pressure shows up in price.

Can Bitcoin reclaim $65K?

Bitcoin’s technical setup showed that $65,000 remained a key resistance level. The area had previously acted as support before becoming resistance during the decline in May, limiting later recovery attempts.

At press time, Bitcoin was trading below several unfilled market imbalances. The largest concentration was positioned above $65,000, keeping that level in focus for traders.

Markets sometimes return to such inefficiencies before establishing a new trend. Even so, those gaps are not guaranteed to close. A decisive move above $65,000 could point to an improving market structure and strengthen the case for a recovery.

Bitcoin’s Stochastic RSI stood at 31 and was approaching the conventional oversold zone below 20. The decline suggested weakening momentum, although an oversold reading would not independently confirm a reversal.

As a result, ETF demand and reduced miner transfers may provide support for BTC. However, price confirmation above $65,000 remains the critical test. Traders will likely continue watching whether daily ETF flows stabilize and whether miner exchange transfers stay low, since both could help clarify whether current demand is persistent or only intermittent.

Final Summary

Morgan Stanley’s rising inflows highlighted continued institutional interest, even as broader Bitcoin ETFs recorded daily withdrawals.

Lower miner transfers could ease supply pressure, but $65,000 remains Bitcoin’s decisive resistance level.