Bitcoin has solidified its position as a global powerhouse, now ranking as the 8th largest asset by market capitalization at an impressive $1.786 trillion.

With $BTC hovering around $90,000, analysts suggest the cryptocurrency may be entering a distribution phase. Historical data reveals that Bitcoin’s “new ATH discovery” phase typically lasts 22 days, with the current rally already at day 18.

Glassnode reports indicate this is a critical juncture for price dynamics and investor sentiment. On Coinbase, buyer activity remains robust, with the daily Cumulative Volume Delta (CVD) nearing March’s $152 million peak, driven by $143 million in recent buying pressure. Since July, Bitcoin’s rallies have consistently reflected strong buy-side demand, underscoring the vitality of the spot market.

Institutional interest in Bitcoin is surging. MicroStrategy recently announced its largest acquisition to date, purchasing 51,780 BTC for $4.6 billion. This brings its total holdings to 331,200 BTC, representing 1.674% of Bitcoin’s total supply, with a realized price of $49,874 per BTC.

Dormant Wallets Gets Active As Spot ETFs Records Massive Growth

Dormant wallets are also reawakening. A wallet inactive for 12 years moved 400 BTC (valued at $35.8 million), while others transferred 600 BTC ($46 million) to Bitstamp in the past month. These movements highlight renewed interest among long-term holders.

Spot ETFs are playing a pivotal role in Bitcoin’s momentum. ETF holdings have increased by 425,000 BTC since January, climbing from 3.15% to 5.33% of the total supply. Last week alone, spot ETFs saw net inflows of $1.67 billion, with BlackRock’s IBIT ETF contributing $1.89 billion.

As Bitcoin’s adoption as a reserve asset accelerates, institutional accumulation could further propel its price, marking a new era of mainstream integration.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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