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- Bitcoin nears $106K as ETF inflows hit $3.2B, with whale accumulation and record CEX outflows signaling strong investor conviction.
- Centralized exchange BTC supply drops to a 7-year low, reinforcing a bullish setup amid reduced sell-side pressure.
- Institutional demand surges, with firms like ARK Invest projecting long-term targets as high as $2.4M by 2030.
Bitcoin continues to gain traction as a compelling long-term investment, bolstered by robust institutional support, positive market sentiment, and shrinking sell-side pressure. While analysts warn of potential volatility should the profitable supply exceed critical thresholds, current metrics paint a largely bullish picture.
According to on-chain analytics firm CryptoQuant, the supply of Bitcoin held on centralized exchanges (CEX) has plummeted to a seven-year low, falling to just 2.492 million BTC. It marks a notable decline from the 2.488 million BTC recorded the previous Friday. Such a reduction often indicates strong investor accumulation, reducing immediate selling pressure and setting the stage for upward price momentum.
Adding to the bullish outlook, 56,164.88 BTC have been withdrawn from CEX platforms in the past week alone, according to Coinglass data. The trend of outflows often signals rising investor conviction and long-term holding behavior.
Simultaneously, the share of Bitcoin’s circulating supply in profit has surged past 85%. While it is historically significant, CryptoQuant cautions that if this metric surpasses 90%, the market may enter a phase of “historic euphoria.” This phase is often followed by corrective price action. Thus, while optimism abounds, analysts urge caution as Bitcoin approaches psychological and technical resistance zones.
Fueling this momentum is a fresh influx of capital into the Bitcoin market. Digital asset manager CoinShares reported that $3.2 billion poured into Bitcoin investment products during the final week of April 2025, reinforcing the narrative of institutional interest driven by Bitcoin ETFs.
Bitcoin Testing 106K Resistance Level
Crypto research firm Matrixport believes the momentum is building for a major breakout. In its latest analysis, the firm highlighted that Bitcoin is testing resistance around $106,000, a level it expects BTC to breach if capital inflows continue at current rates. Matrixport had previously forecasted that ETF-related demand could propel Bitcoin beyond $100,000, a milestone now within striking distance.
Support for this outlook is echoed by well-known analyst Willy Woo, who posted on X (formerly Twitter) that Bitcoin’s underlying fundamentals have shifted to a distinctly bullish posture. “BTC fundamentals have turned bullish, which is not a bad setup to break all-time highs,” Woo stated. He was referencing a bullish ascending triangle pattern currently forming on charts. This technical structure suggests that a strong breakout could occur if resistance levels are overcome.
Investor sentiment also appears to be heating up in Asia. According to a recent Coinness survey, 45.4% of South Korean investors believe Bitcoin will outperform gold in the next six months, signaling growing mainstream confidence in the asset’s store-of-value potential.
Longer-term, major investment firms remain unabashedly optimistic. ARK Invest maintains one of the most aggressive forecasts in the space, projecting Bitcoin could reach $2.4 million by 2030. This prediction is fueled by ETF adoption and institutional allocation trends.
As Bitcoin consolidates near historic highs, the market remains at a pivotal juncture. While short-term corrections remain a possibility, especially in euphoric conditions, the broader trajectory suggests that Bitcoin’s ascent may be far from over.
Related | BlackRock IBIT Pulls Nearly $1B in a Single Day as Bitcoin Gains Steam
