Sideways Bitcoin… Continued Buying by Whales and Institutions

Doohyun Hwang

Summary

Over the past month, the inflow into Bitcoin spot ETFs totaled 128,000 BTC (about $13.3 billion), cited as an indicator of institutional investors' trust recovery.
There has been a significant increase in large investors’ funds flowing into exchanges, indicating preparation for a bullish breakout.
A U.S. company's long-term holding plan and reduction in retail investors' bearish outlook are typically interpreted as bullish reversal signals.

Cryptocurrency A to Z

Iran-Israel War

Bitcoin Maintains Around $104,000

Spot ETF Inflows Increase

Growing Expectations for a Bull Market

*Photo=Muhammad Raid Ahyan 2105 / Shutterstock.com*

As armed conflict between Iran and Israel worsens the Middle East situation and raises tensions across the global financial markets, Bitcoin continues to move sideways, hovering around $104,000. However, data shows signals of a potential entry into a bull market, raising hopes for a rebound.

According to the industry on the 22nd, the amount inflowed into Bitcoin spot Exchange-Traded Funds (ETFs) in the past 30 days reached 128,000 BTC (approximately $13.3 billion). Amr Taha, an on-chain data analyst, said "This is the largest scale since the bull market peak at the beginning of this year and is an indicator showing the restoration of institutional investors' trust." He explained, "It also means that a macroeconomic environment is developing that either raises long-term price expectations or prompts a preference for risky assets."

Notable changes also appeared in the derivatives market. After the Fed kept its policy interest rate unchanged, the Open Interest (OI) in Bitcoin gradually decreased. This means investors have reduced leveraged positions, signifying the unwinding of previously excessive 'long bets'. It is interpreted as a signal that the selling pressure on Bitcoin has eased.

Trading volume from 'whale' funds, meaning large investors, flowing into exchanges also stood out. According to CryptoQuant, as of the day, the deposit amount in Binance whale wallets nearly doubled from $2.3 billion to $4.59 billion within a day. This suggests that institutional-class wealth holders are preparing for an upcoming bull breakout.

Market sentiment analysis also points toward a bullish reversal for Bitcoin. Brian Quillivan, marketing manager at Santiment, said, "On social media, there were only 1.03 bullish comments for every bearish comment," and "This is the first time since the extreme fear sentiment seen on April 6." He added, "Such bearish outlooks among retail investors have historically served as leading indicators of a bullish reversal." Institutional buying is also continuing. The U.S. healthcare technology company Samler Scientific announced a long-term plan to hold a total of 105,000 Bitcoins until 2027.

Doohyun Hwang, reporter at BloomingBit cow5361@bloomingbit.io

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