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.
Glassnode
Spot Cumulative Volume Delta.
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.
Valentin Fournier, lead research analyst at BRN, said technical indicators showed a “mild sell signal” ahead of the weekend. “The market appears overbought, but without strong reversal signals. As institutional activity typically drops over the weekend, the risk of a drift lower increases,” Fournier shared in a Friday note via email.
Still, Glassnode argued that the $93,000 and $95,000 range may serve as a buffer against massive price drops.
“This zone is likely to act as a strong support level in the event of any short-term market pullback, representing a demand zone where investors are likely to see value once again,” Glassnode analysts said.
Glassnode
Strong Bitcoin Accumulation Zone.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
