Bitcoin (BTC)
$
105,140 has comfortably maintained the $100,000 threshold since last week, primarily fueled by robust institutional fund inflows. The demand directed towards spot Bitcoin ETFs skyrocketed to a daily average of $389 million in the week of April 25, with a record entry of $933 million on April 22. Supported by a “buy the dip” mentality since the $75,000 low in April, Bitcoin has experienced a step-by-step ascent up to $106,000. Analysts from Glassnode indicated that the rise has yielded profits for short-term investors and suggested that a potential pullback might find strong support in the $93,000 to $95,000 range.
Institutional Fund Flows Propel Bitcoin Demand to New Heights
The capital directed towards spot Bitcoin ETFs became the primary engine boosting market momentum. The amount transferred to Wall Street wallets surged at an unprecedented pace during the week of April 25, proving that institutional investors are still active participants. Despite the current decline in inflows to about $58 million, fund managers’ “core asset” approach is helping to keep the price above $100,000. On the exchanges, a similar picture is evident. Spot Cumulative Volume Delta data indicates a buy pressure reaching up to $54 million daily on Coinbase, while sell orders on Binance have dropped from $71 million to $9 million.
This imbalance between demand and supply led to stock depletion in narrow price ranges and subsequent sharp upward movements. In essence, the collaboration between institutional money and individual investors solidified the notion of “every drop is a new step.”
Pressure of Short-term Investor Profit Realization
Another leg of the market dynamic is the behavior of investors who opened positions in the last 155 days. Glassnode data show a substantial accumulation of Bitcoin in the $93,000 to $95,000 range, with this group’s profit-taking rate at 90%. The desire for profit realization stemming from the rise led to the price being stuck between $102,000 and $103,700 towards the weekend. Valentin Fournier from BRN Research indicated that signals point to a “moderate selling signal” and that prices might slightly dip with the slowdown of institutional transactions over the weekend. However, Glassnode considers the $93,000 to $95,000 range a strong buying zone, suggesting that potential pullbacks might be limited. Moreover, if trading volume revitalizes in the market, the next target range for Bitcoin is expected to be between $107,000 and $110,000.
