Bitcoin Price Stalls Above $100K as ETF Inflows Offset by Selling Pressure

Bitcoin’s bull run has hit a standstill despite continued inflows into spot ETFs and favorable U.S. regulatory developments. The leading cryptocurrency has remained range-bound between $100,000 and $110,000 for over 40 days, raising questions about who is offloading BTC despite strong institutional demand.

According to Two Prime’s Alexander Blume, the market is caught between profit-taking speculators and dip-buying long-term investors. Glassnode data shows short-term holders—those holding BTC for less than a year—recently accounted for 83% of realized profits, including $904 million from six- to 12-month wallets. Long-term holders also took profits earlier this month, realizing up to $1.2 billion in a single week.

10x Research’s Markus Thielen notes that long-term investors are gradually selling into ETF-driven demand, compressing volatility and delaying a breakout. Meanwhile, miners have sold around 30,000 BTC in the past three weeks, reducing their total holdings to 1.91 million BTC, per IntoTheBlock data.

Accumulation by whales and retail investors has slowed since BTC surpassed $100K. Jarvis Labs' Benjamin Lilly points to high-yield delta-neutral strategies offering 15–30% APY as an attractive alternative, prompting reduced directional exposure.

Orbit Markets’ Jimmy Yang adds that Bitcoin’s maturation is lowering return expectations, prompting some long-term holders to diversify into equities and gold. As a result, Bitcoin’s correlation with broader markets has increased, and summer trading is expected to be subdued unless equities break out.

Analysts say to watch key levels at $102,000 and $106,000. Despite the current pause, shallow price dips suggest underlying strength, with potential for a renewed rally ahead.