Bitcoin Price Holds $70K as Whale and ETF Demand Strengthen

Key Insights:

• Bitcoin whales accumulated a large sum of the crypto last week.
• Bitcoin ETF flows follow up with a positive streak on Monday.
• BTC price holds steady above $70,000 despite concerns about a previous retracement, but can it sustain the momentum?

It is now 15 days since Bitcoin pushed above $70,000, and it has maintained its position above that level. This performance was not just a fluke but a deliberate outcome largely driven by whales and institutions.

Bitcoin price performance underscores further recovery, building on the green monthly candle it posted in March. The latter may have signaled recovery, and it has achieved even more upside this month (an 11% plus gain since the start of April).

While Bitcoin price is on track to conclude April in the green, the reasons behind the recovery were even more interesting. Recent findings indicate that whales holding between 100 and 1,000 BTC acquired 45,000 BTC just last week alone.

Here’s why this observation was important. One of the largest whale cohorts acquired more than $3 billion in BTC in one week. That kind of demand does not just happen randomly. It is usually a sign of bullish conviction.

Bitcoin Price Also Benefited from Whale Demand

While the whales loaded up on BTC, they were not the only big players doing so. Bitcoin ETFs also acquired a substantial amount of Bitcoin last week.

In total, Bitcoin ETFs recorded over $970 million worth of inflows last week. It had only 1 day of outflows that week, which confirmed that institutional buyers were also positioning for the recovery.

Interestingly, Bitcoin kicked off this week with the same momentum. It recorded $238.4 million worth of spot inflows on Monday. However, it failed to sustain the same trend on Tuesday, when it recorded net outflows of $27.5 million. A relatively modest amount of profit-taking.

Bitcoin ETF demand may not have exceeded $1 billion on the weekly timeframe, but it did flash an important signal. Institutions were increasing their exposure to Bitcoin, albeit cautiously. This demand boosted BTC’s floor price, allowing it to maintain steadily above $70,000, a level it previously struggled to hold.

This combination of institutional and whale inflows contributed to an overall bullish BTC price bias. The geopolitical situation between Iran and the US was a critical part of that outcome.

BTC Price May Continue to Hold Steadily Above $70,000

Bitcoin price hovered just above $76,200 at the time of observation. The bulls have been maintaining a solid performance, avoiding significant drawbacks.

Analysts have observed that BTC price has been maintaining a steady performance above $70,000. A strong statement as far as demand characteristics were concerned.

This was a refreshing shift from its previous struggle to maintain its position above $70,000. This meant investors were expecting more upside, and the focus has shifted away from short-term profit-taking.

Will Bitcoin price maintain this bullish momentum and push above $80,000? This is perhaps one of the biggest questions that BTC holders have right now. The reality is that the ceasefire between Iran and the US played a critical role in boosting investor confidence.

US President Donald Trump just announced an extension of the ceasefire. This may provide the extra sentiment boost that the market needs to rally even higher.

On the other hand, analysts are still tracking the volatile geopolitical situation. Just because a ceasefire has been announced does not mean things will not escalate. Nevertheless, a combination of robust demand and easing macro conditions may provide the conditions necessary for Bitcoin price to climb to $80,000.

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