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Bitcoin traded near $75,000 after recovering about 24% from its February low near $60,000, as on-chain data showed a mixed picture between whale accumulation and increased exchange inflows.
Long-term holders added 354,000 BTC over the past 30 days, while short-term traders moved 60,000 BTC to exchanges recently, according to data cited by CryptoQuant contributor Maartun.
Maartun said the increase points to “structural accumulation,” but he cautioned that the move does not yet confirm a full trend reversal. In an April 20 video, he described the market as still showing signs of a bear market rally.
He linked rising exchange inflows from wallets holding more than 100 BTC to active selling during the rebound. The result is a split between accumulation and exchange deposits that leaves the market in a mixed position, with some investors preparing for a longer-term recovery while others use the rally to reduce risk.
Maartun also pointed to Strategy’s recent capital raise as a reason for caution. The company raised about $2.66 billion, including $1.56 billion on April 14, but bitcoin did not respond with a stronger move higher.
Analysts often interpret muted price reactions to large capital inflows as a sign that sellers remain active when price struggles to clear resistance.
Short-term holders added pressure as they moved about 60,000 BTC to exchanges, while SOPR stayed below one, the data cited by Maartun suggests traders sold at a loss rather than waiting for higher prices.
Maartun said the market structure is improving, but the rally has not yet earned “the benefit of the doubt.” He said attention remains on whether bitcoin can break above nearby resistance and hold those gains.
Bitcoin is still below the short-term holder realized price near $83,000, which Maartun described as the main pivot in the current setup. Until price moves above that level, analysts may continue to treat the rebound with caution.
BeInCrypto also reported CryptoQuant tracks the Traders’ On-Chain Realized Price near $76,800 as another barrier. That places bitcoin between current spot levels and resistance zones that still need to break before sentiment changes more clearly.
Bitcoin has experienced a drawdown of about 50%, which is described as milder than past bear market declines. Q1 ended with three straight red months, marking the weakest first quarter since 2018, before April’s rebound lifted price.
While some whales sold into strength, exchange balances moved in the opposite direction. CryptoQuant analyst Arab Chain said Binance’s bitcoin reserves fell to about 619,000 BTC this week, the lowest level since October 2025, indicating continued outflows from the exchange after reserves had risen earlier this year.
Spot bitcoin ETFs added 25,600 BTC last week, pushing total holdings close to five-month highs. Even with that support, bitcoin remained volatile near $74,800 as the market balanced ETF buying, exchange outflows, and whale selling.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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