Analysis firm K33 Research states that Bitcoin’s recent consolidation between $60,000 and $75,000 reflects a slowdown in market selling pressure. As spot ETF inflows turn positive and long-term holders become reluctant to sell, analysts believe Bitcoin may be forming a market bottom.
(Background: Bernstein calls “Bitcoin has bottomed out”! Reaffirms year-end target of $150,000: this is the weakest bear market in history)
(Additional context: Despite a 40% correction, institutions are still buying! Bitcoin ETFs attracted $2.5 billion this month, demonstrating resilience far beyond the “gold crash” of that year)
Table of Contents
Toggle
- Reduced selling pressure, ETF capital flows turn positive
- Long-term holders reluctant to sell, derivatives market cools down
- Macroeconomic uncertainties remain
Bitcoin (BTC) has been oscillating within the $60,000 to $75,000 range over the past few weeks. According to a recent report from cryptocurrency research and brokerage firm K33 Research, this prolonged consolidation may signal a shift in market structure. As selling pressure from spot ETF inflows and long-term holders gradually eases, it could be a strong sign that the market is bottoming out.
Vetle Lunde, head of K33 Research, analyzed that the current price trend of Bitcoin closely resembles characteristics of past market bottoms. He believes that, from a medium- to long-term investor perspective, Bitcoin trading below $70,000 is quite attractive.
Reduced Selling Pressure, ETF Capital Flows Turn Positive
The report details recent capital movements. Lunde pointed out that since late February this year, Bitcoin spot ETF inflows have shifted to a mild positive trend. This suggests that the intense distribution phase triggered after hitting a record high last October may be nearing its end.
Previously, when Bitcoin prices fell below certain cost bases for some investors, it triggered a wave of profit-taking and selling, creating a vicious cycle of oversupply. However, as prices continued to decline, investors’ motivation to sell weakened, and market demand began to stabilize.
Long-term Holders Reluctant to Sell, Derivatives Market Cools
Similar signs of stability are seen among long-term holders. Data from K33 shows that the supply of Bitcoin held for over six months, which sharply declined toward the end of 2025, has recently started to rise again. Lunde stated that as long as Bitcoin remains below $100,000, fewer investors will choose to liquidate at this stage, providing solid support for the current price range.
However, in the derivatives market, trading data confirms a cautious market sentiment. Currently, open interest in Bitcoin perpetual contracts has fallen to near-yearly lows, and funding rates remain negative, indicating weak demand for long positions. Additionally, institutional traders are mostly on the sidelines, and CME futures open interest remains flat, showing a lack of strong consensus to push prices higher.
Macroeconomic Uncertainties Persist
Despite internal positive signals of stabilization in the crypto market, the broader macroeconomic environment remains uncertain. Geopolitical tensions in the Middle East and rising international oil prices have increased volatility in traditional financial markets; meanwhile, the Federal Reserve continues to adopt a hawkish stance, significantly reducing expectations for rate cuts in the near term. These macro factors suppress investors’ risk appetite and limit new capital inflows into the crypto market.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
BTC edges up 0.46% in 15 minutes: institutional fund outflows and macro risk-off sentiment in sync drove the move
From 15:00 to 15:15 (UTC) on 2026-04-16, BTC logged a +0.46% return within 15 minutes. The price fluctuated in a range of 73,939.7 to 74,440.0 USDT, with an amplitude of 0.68%. During this time window, market attention increased, short-term volatility intensified, and fund-flow characteristics changed noticeably.
The main driver of this deviation is the continued outflow of large amounts of capital from exchanges. According to on-chain data, in the past 24 hours the net flow was -14,408.84 BTC, mainly concentrated in large transfer ranges of more than $1 million (especially>$10M net outflow -12,987.03 BTC). This shows that institutions and large holders actively reduced their BTC holdings on exchanges, and short-term selling pressure was significantly lowered. Against the backdrop of persistently weak liquidity, with order book depth remaining at a low level for a long time, the price has become more sensitive to medium-sized buy orders—amplifying the impact of even modest inflows on spot market price action.
In addition, macro conditions changed in parallel and produced a synchronized effect: easing geopolitical tensions in the Middle East boosted overall market sentiment. International gold prices rose, global equity markets hit new highs, and the market re-evaluated the probability of the Federal Reserve cutting rates within the year, further increasing investor attention to safe-haven assets (including BTC). At the same time, on-chain data indicates that the “whale” trading activity during this phase is at an annual low (>$1M transfers fell to 1,485 transactions). With heavy market wait-and-see sentiment and limited short-term supply, BTC’s responsiveness to sudden buy-side capital was further enhanced.
Investors should be reminded that current market liquidity is still fragile. Insufficient order book depth increases the market’s sensitivity to large capital movements, and short-term volatility may intensify. Going forward, focus on further shifts in on-chain large-fund flows, changes in price action as it breaks through support or resistance regions, and the risks and opportunities brought by related macro policies and geopolitical developments. Please continue to track key data and stay alert to any sudden shocks during the period of abnormal moves.
GateNews37m ago
Bitcoin Transactions Face 70-Page Tax Filing Burden Annually
According to Nicholas Anthony of the Cato Institute's Center for Monetary and Financial Alternatives, spending Bitcoin on everyday purchases creates an unexpected tax compliance nightmare. The IRS treats Bitcoin as property, not currency, meaning every transaction—even a $5 coffee
CryptoFrontier1h ago
Bitcoin, Ethereum and Solana ETFs Record Positive Net Inflows on April 16
Gate News message, according to the April 16 update, Bitcoin ETFs recorded a 1-day net inflow of +2,855 BTC (+$209.95M) and a 7-day net inflow of +11,849 BTC (+$871.52M). Ethereum ETFs showed a 1-day net inflow of +15,477 ETH (+$35.44M) and a 7-day net inflow of +90,366 ETH (+$206.94M). Solana ETFs
GateNews1h ago
Bitcoin Breaks Below $74K as 24-Hour Decline Reaches 0.02%
Gate News message, April 16 — Bitcoin fell below the $74,000 level, currently trading at $73,906 with a 24-hour decline of 0.02%.
GateNews1h ago
Newly Created Wallet Withdraws 1,470 BTC Worth $109M from Major CEX
Gate News message, April 16 — According to Onchain Lens, a newly created wallet withdrew 1,470 BTC, valued at approximately $109 million, from a major CEX.
GateNews1h ago
BTC falls below 74000 USDT
Gate News bot message, Gate quotes show that BTC has fallen below 74000 USDT, with the current price at 73988.8 USDT.
CryptoRadar2h ago
