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ZyCrypto 2025-04-03 13:10:26

Traders Ponder Bitcoin’s Bottom as 30,000 BTC Exits Exchanges in a Week

Bitcoin started the week under pressure, trading slightly above the $82,000 support level even as it continues to remain divided on the price outlook. Notably, this downturn comes as a surprise, given the positive developments earlier this month, including a proposal for a U.S. cryptocurrency reserve that would incorporate Bitcoin, Ethereum, XRP, Solana, and Cardano. Additionally, GameStop’s decision to allocate $1.3 billion to Bitcoin underscores a growing trend of corporate adoption, adding to the market’s bullish sentiment. While some market analysts attribute Bitcoin’s recent decline to macroeconomic factors and options expirations, others point primarily to concerns over U.S. tariffs, which will take effect later in the week. “What we’re seeing now is a market reacting not to actual deterioration in fundamentals, but to the idea of uncertainty being introduced into an already fragile macro narrative,” said market expert Shay Boloor. “ The fear around April 2 isn’t based on what has happened — it’s based on what might happen if new, unexpected structural policies are introduced. Businesses are already pricing in worst-case scenarios.” According to him, this psychological unwinding has triggered forced risk reduction across multiple sectors, contributing to Bitcoin’s downward trajectory. Notably, on-chain data from Santiment also reveals that Bitcoin ETFs are undergoing a critical institutional reshuffling and de-risking phase. After a strong accumulation phase, Bitcoin ETF inflows have reversed sharply in 2025, experiencing a $5 billion drawdown (around 12%) from all-time highs, marking a shift in trend from minor outflows to significant institutional sell-offs. Meanwhile, despite the market downturn, large investors appear to be taking advantage of lower prices. On-chain data indicates a substantial withdrawal of Bitcoin from exchanges, a potential sign of accumulation. “ Over 30,000 BTC have been withdrawn from exchanges in the past week, shows on-chain data from Santiment,” tweeted crypto analyst Ali Martinez. Supporting this observation, Axel Adler of CryptoQuant emphasized that experienced market participants have shifted into an accumulation phase. Four distinct accumulation phases have occurred during this bull cycle, with the latest phase unfolding in March 2025. He further noted that seasoned investors who previously sold at local peaks have now transitioned into a holding phase, as indicated by minimal Value Days Destroyed (VDD) levels. According to him, the absence of significant selling suggests confidence that current BTC prices are not ideal for profit-taking. Historical trends indicate that periods of low VDD have typically preceded price increases, reinforcing the potential for a future BTC rally. BTC traded at $81,879 at press time, reflecting a 3.60% drop in the past 24 hours.

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