Bitcoin is holding near the $70,000 level after one of its sharpest sell-offs this cycle, with investors divided over whether the next move is higher or lower.
On-chain data and ETF flows suggest structural selling pressure is still capping upside, as past cycles show rallies in similar conditions often fade into distribution.
At the same time, large holders have stepped in aggressively, with whale accumulation marking the biggest single-day inflow of this cycle and helping stabilise price.
Bitcoin is also trading well above its realised price in the mid-$50,000 range, keeping most of the network in profit and reducing the risk of broad capitulation.
US spot bitcoin ETFs saw heavy outflows during the crash, supporting comments by Arthur Hayes that institutional hedging amplified the move, before flows stabilised as prices rebounded.
The return of ETF inflows suggests forced selling has eased, though demand remains insufficient to fuel a sustained breakout.
Taken together, analysts say bitcoin is more likely to remain range-bound around $70,000 in the near term rather than deliver a decisive pump or dump.
At the time of reporting, Bitcoin price was $70,020.82.