Bitcoin Updates: Spot Bitcoin ETFs Fuel Surge as Major Holders Resume Accumulation

Renewed Optimism in Bitcoin: Key Technical and On-Chain Insights

Recent movements in Bitcoin's price have reignited hope among investors, as both technical signals and blockchain data point to a possible early shift in market sentiment. A delta chart, showing a growing green histogram above the zero mark, has brought the $80,000 psychological threshold into sharp focus for traders.

Despite ongoing downward pressure from sloping exponential moving averages—specifically, the 50-day EMA at $100,937 and the 200-day EMA at $105,515—market watchers are closely observing whether Bitcoin can reclaim these levels as support, which would be crucial for a sustained recovery.

Spot Bitcoin ETFs Drive Recovery

The rebound has been fueled in part by activity in spot Bitcoin ETFs, with BlackRock’s iShares Bitcoin Trust ETF (IBIT) standing out. As Bitcoin’s price surpassed $90,000, IBIT holders collectively returned to a profit of $3.2 billion, a dramatic turnaround from the $630 million in losses seen just days earlier. According to Standard Chartered’s Geoff Kendrick, spot Bitcoin ETFs attracted $21 million in cumulative inflows on Wednesday, making them a major force behind Bitcoin’s momentum. Notably, BlackRock’s ETF is the only fund with net positive inflows for 2025, highlighting its significant market impact.

Whale and Retail Accumulation Trends

On-chain data reveals a notable change in the behavior of large Bitcoin holders. For the first time since August, wallets holding over 10,000 BTC have shifted to net accumulation, with an accumulation trend score of 0.8. This aligns with the $82,000 average cost basis for U.S. spot ETFs, suggesting that the $80,000 range is viewed as a fair value by the market. At the same time, retail investors are accumulating Bitcoin at their highest rate since July, reinforcing the idea that a market bottom may be forming.

Technical Indicators Signal Strengthening Market

• The whale versus retail delta has surged to levels not seen since Bitcoin’s 2024 low near $75,000, echoing previous bottoming patterns.
• The taker cumulative volume delta (CVD) has shifted from negative to neutral, marking a significant improvement in spot market conditions.

These indicators suggest that speculative positions are being cleared out, with capital moving toward the spot market, laying the groundwork for more stable growth.

Broader Market Challenges

Despite Bitcoin’s positive momentum, other major cryptocurrencies face headwinds. Ethereum is contending with bearish Death Cross patterns, while XRP is struggling to overcome resistance at $2.30. Solana’s price has stalled at $145 amid a decline in total value locked (TVL) and negative ETF flows, reflecting broader market vulnerabilities. Additionally, the recent Upbit hack, which resulted in a $36 million loss from a Solana hot wallet, has added further uncertainty.

Outlook: Key Levels and Market Sentiment

Looking forward, the market’s attention is on whether Bitcoin can break through the $93,000 resistance—the opening price for 2025—and challenge the $100,000 milestone. Traders have pinpointed the $97,000–$98,000 range as a crucial liquidity zone, where repeated sell-offs have created potential for upward movement. While a pullback to $88,000 remains possible, analysts such as Michaël van de Poppe maintain that the broader crypto bull cycle is still underway, emphasizing that “the cycle is far from over.”