Institutional investors and large BTC holders represented by spot ETF issuers saw a slight increase in unrealized gains. This suggests that their actions will not put significant pressure on the dynamics of the main digital coin. According to CryptoQuant, short-term Bitcoin whales with capital less than 1,000 BTC increased their unrealized profit by only 1.6%.
On the other hand, the group of long-term institutions with a balance of over 1000 coins has expanded their unrealized gains by 223% over the past 155%.. As for industry miners, their figure is estimated at 131%, which is quite significant. But despite this, large crypto mining companies did not sell off their reserves ahead of the halving.
According to a recent Bitwise report, the sales dynamics of major players in the mining industry have slowed to 2-year lows.. In the 1st quarter of this year, large mining organizations sold no more than 2000 BTC. Meanwhile, on April 16, quotes for the main digital coin fell to $60,000. Just 3 days later the price returned to $65,000. In technical terms, this may indicate the formation of a double bottom pattern.
After a significant price drop, many oscillators left the overbought zone. For example, the relative strength index (RSI) on the daily interval is located at 46. This suggests that the situation is now neutral.
Founder of DeFinance Capital Arthur Cheong noted that, probably, the fall in BTC quotes to $60,000 marked the formation of a local market bottom.
He also noticed that at the H4 interval the price left the downward channel. And if it consolidates above its upper limit, then a bullish trend could potentially form, and the target level will be the area of $72,000. As for spot ETFs, they recorded the 5th consecutive day of outflow of investment capital.