Bitcoin’s price action has entered a phase of relative calm, hovering just below the $91,000 resistance level. Despite stability in recent weeks, on-chain data from CryptoQuant shows that the market lacks renewed buying pressure, with institutional and large investor participation still muted. This indicates that Bitcoin stalls for now.

Demand Still Weak, Though Improving

• Over the past 30 days, visible demand dropped by 146,000 BTC, suggesting Bitcoin stalls in attracting new buyers.
• This is an improvement over the sharp 311,000 BTC drop seen on March 27, but still below healthy demand levels.

Momentum at October 2024 Lows:

• The momentum index comparing new buyers to long-term holders shows a 642,000 BTC decline, indicating Bitcoin stalls in terms of new investment.
• Analysts say both demand and momentum need to recover before a sustainable bull trend can resume.

Institutional Demand via ETFs Remains Neutral

• Since late March, spot Bitcoin ETF flows have fluctuated between –5,000 and +3,000 BTC per day.
• By contrast, during the Q4 2024 rally, ETFs saw inflows exceeding 8,000 BTC daily.
• Year-to-date, ETFs have sold a net 10,000 BTC, versus net 208,000 BTC purchases during the same period in 2024, showing that Bitcoin stalls in gaining institutional interest.
• This shift indicates waning institutional appetite, a key growth driver in past cycles.

Read More: What Does Lower Bitcoin-Ether Correlation Mean for Investments?

Whale Outflows Weigh on Sentiment

• Whales offloaded 30,000 BTC in the past week.
• Their monthly accumulation rate has fallen from 2.7% to just 0.4%, the lowest since February 2024, further proving that Bitcoin stalls in attracting large holders.

Market Liquidity Still Subpar

• The market cap of USDT, a proxy for crypto liquidity, has grown only $2.9 billion in two months.
• This is below the historic $5B threshold often linked with major price rallies.
• USDT cap remains under its 30-day moving average, indicating restrained liquidity growth.

Technical Resistance Blocks Further Gains

• The $91,000–$92,000 range acts as a strong psychological and technical resistance.
• This zone aligns with on-chain realised price metrics, suggesting the market still lacks conviction to push higher as Bitcoin stalls.

Outlook: Strategic Pause Before the Next Move?

Bitcoin appears to be in a strategic pause, awaiting stronger macro and on-chain signals before making a decisive move.

🔸 For a renewed uptrend, the market needs:

• Stronger ETF inflows
• New buying momentum
• Improved stablecoin liquidity
• Whales returning to accumulation

📌 Until these factors align, BTC is likely to remain range-bound and vulnerable to downward corrections, as Bitcoin stalls.