2 weeks ago
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Key Takeaways
- U.S. spot Bitcoin ETFs pulled in $2.12 billion over nine consecutive days through April 24, pushing total AUM to $96.5 billion
- Long-term holders now control roughly 75% of circulating supply, while exchange reserves have dropped to multi-year lows
- Institutional demand is currently absorbing nearly all daily mined Bitcoin, a dynamic that has no real precedent in previous cycles
- The $80,000-$80,700 range remains the critical threshold – reclaiming it would confirm a structural shift, not just a relief rally
The funding rate – a real-time indicator of sentiment in futures markets – has stayed negative even as prices rise, a combination that 10x Research describes as having “almost no historical precedent.” When Bitcoin typically rallies, leveraged longs flood into futures, funding turns positive, and the carry trade pays out. Right now, the opposite is happening, with short positions growing into the strength.
That anomaly points to something more structural than a short squeeze. Read Entire Article
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