Bitcoin price maintains a solid market position as price action steadies near a major technical level, while on-chain supply metrics and institutional inflows continue driving overall crypto market sentiment.
Currently, BTC is trading at $81,008, reflecting a 2.21% increase during the previous day. The asset has recorded a 24-hour trading volume of $62.25 billion, with a total market capitalization of $1.62 trillion. Meanwhile, BTC accounts for around 60.44% of market share within the digital assets space.
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Bitcoin Exchange Supply Hits 2018 Low
According to data shared by Santiment Intelligence, BTC held on exchanges has dropped to 5.6% of the overall number of assets. Interestingly, this level of exchange supply was steady over the course of the past month and hasn’t been observed since 2018.
Decreasing supply on exchanges means that fewer BTCs can be readily sold because more people prefer to store their investments in long-term storage solutions. Such an on-chain trend often reflects growing confidence among long-term holders, reducing potential sell pressure in the short term.
Meanwhile, Ethereum is also showing a similar pattern, with exchange-held supply at around 4.6%, up slightly from 4.2% just ten days ago. Although the number has recently increased by 0.4% points in ten days, the Ethereum exchange balance remains at historic low levels compared to all the years ETH was traded on exchanges in 2015.
Bitcoin Price Tests Key Technical Resistance
Bitcoin price continues facing tough resistance near the 200-day moving average. Now, this indicator stands close to $82,000. This indicator is widely followed in market analysis because it reflects the average closing price over the past 200 trading sessions, helping smooth out short-term volatility and highlight broader direction.
Recently, BTC has made two attempts to move above this level but failed to maintain upward momentum, retreating toward the $80,000 range. The repeated rejections have made it an important level to break through, especially for long-term investors. Indeed, the higher the price is relative to the 200-day moving average, the better it is for buyers, as it boosts investor sentiment.
Over $3.4 Billion Total ETF Inflows
Despite short-term price fluctuations, institutional interest in the Bitcoin price continues. According to the data, spot Bitcoin exchange-traded funds registered $620 million in net inflows in the past week, bringing total inflows in six weeks to more than $3.4 billion.
It appears that despite short-term price movements, investment products remain popular and attract significant volumes of funds. As a result, institutional investors continue accumulating BTCs and taking them out of circulation, which adds to price support.
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