Key Insights:
- Bitcoin ETFs post record $921M daily inflow amid macro uncertainty.
- Dormant coins move, signaling profit-taking by long-term BTC holders.
- $96K remains final key resistance before possible $100K breakout.
Bitcoin (BTC) hovered around $92,500 on April 22 after breaking past its short-term cost basis of $91,700, placing most short-term holders back in profit. The move reignited bullish sentiment, with on-chain data and institutional flows signaling both accumulation and caution ahead of the psychological $100,000 barrier.
Whales Absorb BTC, but Dormant Coins Begin Moving
Bitcoin whales and sharks have absorbed nearly 300% of the network’s annual issuance since Feb., according to on-chain supply data. Long-term holders—wallets inactive for at least 155 days—have increased their allocation by 363,000 BTC during the same period.
But while accumulation has strengthened, another cohort is beginning to exit.
Santiment data showed Bitcoin’s Age Consumed metric—a signal of dormant coins re-entering circulation—jumped from 2 million BTC to over 12 million between Apr. 19 and Apr. 23.
Historically, these spikes have preceded short-term price pullbacks, often reflecting long-term holders taking profits at market highs.
Analysts Eye $96K Resistance Ahead of $100K Breakout
Bitcoin now trades just below a key resistance level near $96,100, according to Bitcoin researcher Axel Adler Jr. In a post on X, Adler noted that this zone marks the final obstacle from holders with a 3–6 month cost basis. A move above could open the door to a retest of $100,000.
Ali Martinez added that Bitcoin’s current range places it near its 2025 yearly open, a level that once acted as firm support. Flipping it into resistance could lead to a volatile rejection if buyers lose momentum.
Still, short-term holders appear to be holding firm. Glassnode’s on-chain analysis suggests that early-stage bull market behavior remains intact, with many short-term participants now sitting on profits—a setup that historically draws in new capital.
Bitcoin ETFs Post Record Inflows Amid Macro Uncertainty
Bitcoin spot ETFs recorded their strongest daily inflow on Apr. 22, with $921 million in net allocations, according to Farside Investors. That marked the highest single-day inflow since ETF trading began in Jan.
The surge coincided with a risk-off shift in equity markets triggered by political pressure on the Federal Reserve. Former U.S. President Donald Trump intensified criticism of Fed Chair Jerome Powell, raising concerns about future monetary policy direction.
As traditional stocks wavered, Bitcoin ETFs captured a rotation of capital driven by investor fears over inflation and trade tensions.
Exchange Outflows Hit Highest Since Early 2023
Meanwhile, exchange activity revealed another layer of accumulation. The 100-day moving average of Bitcoin’s net outflows reached its lowest point since Feb. 2023, according to blockchain metrics. This marked the highest BTC outflow rate from centralized platforms in over a year.
Historically, such patterns signal reaccumulation phases as investors shift funds into cold storage. Binance, in particular, holds 23% of all BTC on exchanges, indicating deep user trust and centralization of liquidity.
That trust may be driving major moves. Since the 2020 crash, Binance has continually added to its Bitcoin reserves while competitors have lost market share.
Wyckoff Reaccumulation Supports Higher Targets
Technical sentiment also leans bullish. Trader Ezy Bitcoin described BTC’s price structure as a “beautiful” Wyckoff reaccumulation phase. The chart setup, often associated with long-term bullish trends, outlines targets at $131,500, $144,900, and $166,700.
Donny added that local accumulation may rule out a revisit to the $88,800 zone, implying a potential price lift-off if Bitcoin clears $95,000.
Yet despite the optimism, the surge in Age Consumed and the large number of coins held at the $97,000 cost basis—approximately 392,000 BTC—could limit upside near-term. Traders may look to exit at break-even, introducing overhead resistance as BTC tests the $100,000 threshold.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Moses K is a crypto journalist covering markets, regulation, and blockchain trends. He has written for The Coin Republic, Coinchapter, Cryptopolitan, Cryptotale, Coinspeaker, and MPost. Known for his concise, data-driven reporting, Moses focuses on price analysis, on-chain metrics, and policy developments shaping the global digital asset landscape.
