Analysis: Demand in the US market remains weak, and Bitcoin's July rally may be difficult to sustain On July 7th, multiple indicators showed that Bitcoin's July rally remained fragile. One of the most closely watched indicators, the Coinbase Premium Index, has been negative for 50 consecutive days. This indicator measures the price difference of BTC on the US trading platforms Coinbase and Binance. BTC's price on Coinbase continues to be lower than Binance, indicating relatively weak demand in the US market. At the same time, US spot Bitcoin ETFs have experienced net outflows for 8 consecutive weeks, while historically, Bitcoin bull markets have typically been accompanied by a sustained positive Coinbase premium index. The yield of Japanese bonds continued to rise, and the yield of 10-year Japanese treasury bond rose to a 30-year high, pushing up the borrowing costs of the United States, the United Kingdom and Germany. If US bond yields continue to rise, it may pose resistance to BTC. Bitfinex analysts have stated that structured institutional buying remains unverified until BlackRock IBIT returns to sustained inflows. Singapore based cryptocurrency trading company QCP Capital stated that if spot Bitcoin ETFs continue this trend after re entering last Friday, the short-term background remains constructive. The institution added that if BTC clearly rebounds to $64000 this week, it will further boost market sentiment and alleviate concerns about Strategy (MSTR), a listed Bitcoin holding company.