Bitcoin in the $64,000 to $65,000 range may look like an uneasy price level for retail investors, but institutional money views that band as an accumulation zone, an assessment said.

On July 21, blockchain media outlet U.Today reported that Tether adviser Gabor Gurbacs (가보르 구르박스) claimed that bitcoin is "massively undervalued" at present.

He based his argument not on price levels but on changes in market structure. Gurbacs said bitcoin is sitting in a range similar to past cycles, but the market's internal structure has changed completely. He said the 2021 peak was driven by excessive expectations, regulatory uncertainty and high leverage, while the market in July 2026 has spot exchange-traded funds (ETFs), institutional banking access routes and clear government rules in place.

He also said real price discovery will only be possible after remaining leveraged speculative demand is flushed out. In his view, the current price is not simply repeating a stagnation phase from a previous cycle but is being formed on a different supply-demand structure.

Fund flows also align with that view. Sosovalue data showed spot bitcoin ETFs recorded net inflows of $226.92 million in trading on July 20. Bitcoin was trading above $65,000 at the time, and it stood out that money flowed in even in a sideways market.

Institutional demand also continued last week. Spot ETFs ended every trading day last week with net inflows, ranging from $79 million to $181 million a day. All outflows that occurred in June have been recovered. Total net assets of spot bitcoin ETFs neared $7.92 billion.

Chart moves also suggested the formation of lower support. On Bitstamp, bitcoin corrected after a peak around $126,000 in spring, then established a bottom in the $55,700 to $58,200 range and has since risen to around $66,000. Indicators including the daily relative strength index (RSI) were reported to show buying taking the lead.

In this context, interpretations of the $64,000 to $65,000 range are also changing. Rather than viewing it as a risky peak as in the past, some see it as a zone where Wall Street money can comfortably increase allocations. Gurbacs' comments and ETF inflows show that this price band is being recognised not as a short-term shaky zone but as a base preparing for the next rise.

Key points to watch are whether institutional inflows continue and whether spot-led price formation actually emerges after leveraged demand is cleared out. A key point is that the market is moving on a different supply-demand structure than in the past even within the same price range.

“Bitcoin is massively undervalued in the $64-65k range. When we were at $64k in 2021 we were way behind on the product, regulatory and adoption curve. No BTC ETF. No wire approvals. No Genius. Unfriendly govs. We evolved. Leverage will flush out then real price discovery begins.”