[Analyst: Bitcoin forms largest cost cluster in the $62,000-$65,000 range, but demand remains weak] CryptoQuant analyst theophiluspep posted that Bitcoin's recent pullback has brought approximately 155,000 BTC (accounting for 0.7% of supply) into the realized price range of $62,000 to $65,000, forming the market's largest cost basis cluster. This indicates that buyers are accumulating during the dip rather than engaging in panic selling. While the supply side remains positive, demand has weakened—Bitcoin closed July at around $62,900 (up 7.3% for the month), but spot trading volume has dropped to its lowest level since the end of 2023. The U.S. spot Bitcoin ETF recorded a weekly net outflow of $61.5 million, ending three consecutive weeks of inflows, with a single-day outflow reaching as high as $265 million. The derivatives market remains balanced, with funding rates positive between 0.006% and 0.01%, and open interest stable.