🟠 Bitcoin ($BTC ) holds above $100,000, driven by institutional flows: analysts
Institutional flows and “buy-the-dip” sentiment spurred Bitcoin’s run to $104,000 as most short-term holders entered unrealized gains after April’s lows, Glassnode said in a weekly report.
Following the drop to $75,000 on April 9, gradual accumulation phases emerged while spot BTC exchange-traded fund flows skyrocketed. Weekly average net inflows to Wall Street Bitcoin wallets peaked at $389 million per day for the week that ended on April 25. That same week saw $933 million in net inflows on April 22, the biggest single-day performance since Jan. 17.
“ETF inflows have since cooled off to around $58M/day, but the flows show that institutional interest in Bitcoin remains relatively robust,” Glassnode experts wrote.
🔸 Exchange activity
According to the report, institutional capital flows coincided with increased buying pressure on Coinbase and subdued sell orders on Binance.
Based on the Spot Cumulative Volume Delta (CVD) — a metric that tracks net buys and sells in spot order books — Coinbase traders spent up to $54 million per day on BTC purchases sometime last month. About $71 million in daily Bitcoin selloffs on Binance declined to about $9 million daily on average.
The demand confluence between spot #BTC ETFs and crypto exchange traders translated into a “stair-stepping” accumulation trend, as supply inventory dwindled at similar prices before price accelerations.
Short-Term Holders, buyers who entered the markets in the last 155 days, acquired a substantial amount of BTC between $93,000 and $95,000, the report further noted.
As such, the surge to $104,000 uplifted the STH Supply in Profit/Loss Ratio to 9.0, which meant 90% of Short-Term Holders' supply sat in profits. Glassnode suggested that the wave of unrealized gains likely triggered profit-taking from this cohort. Bitcoin has bounced between $102,000 and $103,700 in recent days as the rally cooled.